Product Details
The Consumer Financial Protection Bureau servicing rules that went into effect in January 2014 are either a stepping stone to national servicing regulations or a de facto substitute. Trying to solve the same problems as the multi-state settlement with the nation’s top servicers, and using some of the same tools, the new regs dictate very tight specifics on servicer-borrower communications. Spelled out are the very items that must be included and the precise timing of the communications. There are also increased requirements on what documentation must be kept and how quickly it must be accessible.
The servicing regulations also enlist business partners as watchdogs. Servicers are responsible for maintaining pathways that deliver accurate and current information between themselves and their service providers. And loan owners are as liable as servicers for non-compliance.
Learn more about the servicing rule, the CFPB’s monitoring of servicing transfers, and state settlements in the Guide to the CFPB’s Regulation of Mortgage Servicing.
Contents include:
The CFPB’s Servicing Rule
Exemptions
Preemption of State Laws
Continuity of Contact with Delinquent Borrowers
Loss-Mitigation Procedures
Recordkeeping Requirements
Implementation Challenges with Periodic Statements
Interest-Rate Adjustment Notices
Error Resolution and Information Requests
Implementation Suggestions
Servicing Transfers
Applicable Laws
Areas of Focus
Plans for Handling a Transfer
Settlements Involving State Attorneys General
Servicing Issues
Settlement Requirements
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