Prepare for New Mortgage Servicing Rules

 

Prepare for CFPB's New Mortgage Servicing Rules

An Inside Mortgage Finance Webinar

Recorded Tuesday, Dec. 18, 2012

The Consumer Financial Protection Bureau is moving to finalize a major overhaul of mortgage servicing standards—rules that will not only mandate new borrower protections but also likely prompt many firms to rethink their commitment to the mortgage servicing business. As expected, consumer and mortgage industry representatives are split on just how far the CFPB should go in developing national standards for all mortgage servicers. And it remains very unclear what will be contained in the CFPB’s final rules regulating servicing under the Truth in Lending Act and the Real Estate Settlement Procedures Act.

Hear from one of the top legal experts in the country about how the CFPB proposal grew out of previous government actions, including the national mortgage settlement with five banks. Learn about the specific mortgage servicing changes being proposed from a leading CFPB official. And find out from the top mortgage servicing lawyer at Wells Fargo about the challenges and costs of complying with the new standards.

Our stellar panel features:

Larry Platt

Mitch Hochberg

David Gorsche Guy Cecala

Larry Platt
Financial Services
Practice Area Leader
K&L Gates LLP

Mitch Hochberg
Regulatory Counsel
Consumer Financial
Protection Bureau

David Gorsche
Assistant General
Counsel
Wells Fargo

Guy D. Cecala
CEO & Publisher
Inside Mortgage
Finance

(moderator)

Some of the questions discussed:

  • Should the CFPB’s servicing changes be limited to only those required by Dodd-Frank?
  • Does the bureau’s proposal conform to the national servicing settlement and consent orders?
  • Will the pending CFPB provisions lead to a private right of action with statutory damages?
  • Could any of the bureau’s actions preempt state laws governing mortgage servicing?
  • What types of servicing firms are likely to be exempted from the new rules?
  • Should servicers be required to respond to oral requests for information from borrowers?
  • How will the CFPB’s servicing rules match up with new interagency servicing rules?
  • Should the CFPB’s proposal be expanded to cover more loss mitigation issues?
  • Will a servicer have to prove that it offered a borrower “all” loss mitigation options?
  • What can mortgage servicers do to prepare for the planned servicing changes?
Webinar CD and Manual - $359.00
MP3 and Manual - $360.00

Please contact Customer Service if you need assistance: 1-800-570-5744

Poll

What is it going to take to convince lenders to loosen the credit box (i.e., remove underwriting overlays)?

The recent rep and warranty changes announced by the Federal Housing Finance Agency should go a long way in protecting lenders from future buybacks and help expand mortgage credit.
There won’t be any significant elimination of underwriting overlays until the government stops seeking huge mortgage-related penalties and settlements from lenders.
There shouldn’t be any expansion of the mortgage credit box since looser underwriting is what caused the recent mortgage crisis.

vote to see results
Housing Pulse