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Course description

The CFPB’s latest changes to the Mortgage Servicing Rules under Regulations X and Z, (which were corrected on June 27, 2017, and again on October 4, 2017), have effective dates of October 19, 2017, and April 19, 2018. The changes affect nine major aspects of mortgage loan servicing that will have an impact on mortgage servicing procedures. Several of the changes affect both large and small servicers.  In this two-hour presentation, BOL Guru John Burnett will review the changes as they affect:

  • Regulation X servicing provisions for
    • Force-placed insurance notices
    • Policies and procedures
    • Early intervention
    • Expanded loss mitigation requirements
  • Regulation Z servicing provisions
    • Further clarifying the definition of "small servicer"
    • Affecting the prompt crediting of payments
    • Affecting periodic statements
  • Servicing requirements affected by
    • The refined definition of "delinquency"
    • Successors in interest
    • Debtors in bankruptcy
    • Cease communications requests under the Fair Debt Collection Practices Act

Participants will learn which changes should already be implemented and which need to be implemented by April 2018, along with the pros and cons of completing their policy or procedures changes sooner than required, and how the Bureau’s “non-binding policy guidance” allowing a three-day period of early compliance will affect them.


Instructor(s)

John Burnett

John Burnett is a 1979 alumnus of the ABA National Compliance School, and served on its faculty for several years. He graduated with honors with the Class of 1990 from ABA's Stonier Graduate School of Banking, and is also a graduate of the BAIs and the Massachusetts Banker Associations Schools of Banking.John began his banking career in high school when he started as a teller at a $15 million bank that didn't have account numbers for its checking accounts (he says they actually filed by signature!) He joined Cape Cod Bank and Trust Company in 1971 and assumed the position of Compliance Officer in 1976. He also served as corporate secretary and secretary of CCBT's Board of Directors, as well as Clerk of the bank's holding company. John joined Glia Group, Inc. and the BankersOnline.com team in June, 2004. He is a frequent presenter of BOL Learning Connect webinars, and at BOL Conferences events.He was a member of the Massachusetts Bankers Association Legal and Regulatory Compliance Committee, and a former member of the American Bankers Association Compliance Executive Committee and NCS/NGCS Advisory Board. He served on ABA's Truth in Savings Task Force as Regulation DD was being written, and has served on several ABA and Massachusetts Bankers seminar panels.

Course curriculum

  • 1

    Video

    • The New Mortgage Servicing Rules

  • 2

    Materials

    • Materials

    • Slides

    • Questions and Answers