Loan Servicing Requirements: Small Servicers


Presented by: John Burnett

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There is no doubt that 2014 was a year of change for the residential mortgage business. Mortgage servicing was affected by a one-two punch that began with the 2011 interagency clampdown on the practices of the largest servicing organizations. That was followed by the CFPB's January 2013 TILA and RESPA Mortgage Servicing Final Rule (and multiple amendments), which incorporate many of the provisions imposed earlier in settlements with the big players.

Small servicers are exempt from compliance with some, but not all, of the Mortgage Servicing Rule's provisions. The exemptions reflect the Bureau's realization that small servicers are often in closer contact with the mortgagor as well as an understanding that imposition of the full suite of servicing requirements on smaller servicers could create hardships outweighing the benefit some of those services are likely to provide to consumers.

In this review of the servicing rules, John will begin with an analysis of the small servicer exemption criteria so that participants can feel assured of their exempt status (or quickly adjust their expectations and plans if they've misread the rule). The discussion will move on to an overview of the servicing rules in Regulation Z, identifying and focusing on those affecting small servicers, and then to an overview of the Regulation X servicing requirements, again emphasizing the mandates applying to small servicers.

During the session, we will cover these and other topics:
  • Small servicer criteria
    • Loans to count
    • What doesn't count
    • Special exceptions
    • Land contracts
  • ARM loan notices
  • Periodic statements and coupon books (overview)
  • Understanding the scope of Regulation X's servicing rules under subpart C
  • Servicing disclosures
  • Transfers
  • Timely payments
  • Error resolution and information requests
  • Force-placed insurance
  • Escrows and force-placed coverage
  • Overviews of requirements for policies and procedures, early intervention and continuity of contact provisions
  • Loss mitigation restrictions on small servicers
Who should attend?
  • Compliance officers
  • Internal auditors
  • Mortgage servicing managers or staff members
About the Speaker: 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 the Stonier Graduate School of Banking. He is also a graduate of the BAI and the Massachusetts Banker Association Schools of Banking.

John brought over 35 years of banking experience (over 25 of them in Compliance and Operations) to Glia Group, Inc. and BankersOnline, when he joined them as a "BOL Guru" and Associate Editor in June, 2004.

He is a former member and chair of the Massachusetts Bankers Association's Legal and Regulatory Compliance Committee. He is an advisory board member for Bankers Hotline, and has participated in several ABA and Massachusetts Bankers seminar panels.

This program was recorded in its entirety in April 2015. The CD-ROM includes program slides, materials (if available) and follow-up Q & A document.

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  • Model: cd_smallservicers0415
  • Manufactured by: Glia Group, Inc.

This product was added to our catalog on Monday 06 January, 2014.

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