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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.
The New Mortgage Servicing Rules
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