Prepare for New Mortgage Servicing Rules Webinar CD and Manual
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:
Guy D. Cecala
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?