Shielding Your Servicing: Guarding Against Regulatory Action

Recorded November 18, 2014

Ever since the foreclosure crisis, the handling of mortgage servicing has been under the regulatory spotlight. Banking regulators, state regulators and most recently the Consumer Financial Protection Bureau are all ramping up their scrutiny of mortgage servicers. And while a major new mortgage servicing rule just took effect earlier this year, some firms are learning the hard way that they may have servicing liability going back years.

As a result of a recent CFPB enforcement action, Flagstar Bank will pay $37.5 million for unfair treatment of borrowers seeking loss-mitigation options. The action is notable because the CFPB used its authority to penalize unfair practices in order to find fault with activities that ran afoul of the servicing rules, but that occurred before the rules were in effect. The bureau also has effectively taken Flagstar out of the default servicing business, barring it from taking on any new servicing for defaulted loans and requiring it to hire subservicers whenever a third-party loan it currently serves goes into default.

The CFPB is not the only regulator scrutinizing servicers for their treatment of borrowers. And more actions – and settlements – are expected in the months ahead. Listen to “Shielding Your Servicing: Guarding Against Regulatory Action” and learn more about how the CFPB and other regulators are pursuing perceived servicing violations and how you can minimize your chances of being the next company facing a settlement.

Hear from these experts:

  • Allyson Baker, Partner, Venable
  • Kirk D. Jensen, Partner, BuckleySandler LLP
  • Steve Kaplan, Financial Services Practice Area Leader, K&L Gates

Among the topics covered:

  • What tools, besides the 2014 servicing rules, is the CFPB using as part of an enforcement action?
  • How big a threat do state regulators pose to mortgage servicers?
  • What should you be doing to doublecheck that your existing systems and practices are in compliance?

Get the latest advice on minimizing your servicing oversight risk.


Please note:

The webinar manual, included with all registration options, provides a program outline, speaker bios and presentations, and pertinent articles on the subject from Inside Mortgage Finance and our other newsletters.

The recording, which contains both an integrated audio/video copy of the conference as well as an audio-only version, is available approximately 24 hours after the conference and can be downloaded from your InsideMortgageFinance.com account after that time. You will receive an email notifying you when the recording is available for download.


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