The New Mortgage Servicing Rules


Presented by: John Burnett

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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.

Who Should Attend: Loan servicing management and personnel, compliance officers, auditors.

About the Speaker: John Burnett joined Glia Group, Inc., and BankersOnline in 2004, and currently serves as Executive Editor. He is a 1990 honors graduate of the Stonier Graduate School of Banking and is an alumnus of the ABA National Compliance School, where he served on the faculty for several years.

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.

He was a member of the Massachusetts Bankers Association Legal and Regulatory Compliance Committee, and of the American Bankers Association Compliance Executive Committee and NCS/NGCS Advisory Board. He is a regular presenter of BOL Learning Connect webinars and a presenter at BOL Conferences events.

This program was recorded in its entirety in December 2017. The CD-ROM includes program slides, materials (if available) and follow-up Q & A document.

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  • Model: cd_servicing1217
  • Manufactured by: Glia Group, Inc.

This product was added to our catalog on Wednesday 28 June, 2017.

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