Unfortunately the last 18 months have seen many consumers in trouble, both because of the pandemic as well as the resulting dip in the labor market and overall economy. And this then means many borrower have defaulted on their mortgage loans, forcing lenders and servicers to consider foreclosing. And with the many moratoria against foreclosing and later extensions, it seems as though there will be many foreclosures initiated in a very short period of time. What are you permitted to do? What notices must be provided? The foreclosure process is by its nature a state-specific endeavor, but there are federal requirements as well. The CFPB and other federal agencies have instituted numerous requirements that must be met before foreclosures can be initiated.
This webinar will discuss those requirements and provide guidance on the proper steps to follow to ensure you understand all the requirements when considering or initiating a foreclosure action.
- The nature of foreclosing – what happens?
- Critical servicing requirements when a loan defaults that must be followed before foreclosing
- Timing requirements
- Notice rules
- Federal agency mandates and rules before and during the foreclosure process
- Tax reporting
- General discussion on state laws and rules (note: each state is different, so we cannot speak to any individual state’s laws on foreclosures)
- Additional regulatory requirements
Who Should Attend?
Anyone in the institution involved in mortgage servicing, default management, loss mitigation, and related areas that has responsibilities around the foreclosure process. This may include compliance professionals, risk management professionals, attorneys and legal staff, management, back officer operations, and any other party involved in this process..