Servicing mortgage loans is a difficult and complex process, with many laws and regulations with which to comply. And particularly after the pandemic, regulators are looking very carefully at both how servicers are servicing loans, as well as which borrowers receive what type of treatment.
There are very detailed requirements in RESPA as to how to service mortgage loans, and when a borrower has defaulted, the requirements become even more complex. In addition, fair lending and UDAP/UDAAP risk is substantial. In this webinar, we’ll review the requirements involved, as well as how to address defaulted borrowers and maintain an effective program to deal with the many issues.
What You’ll Learn
- RESPA’s detailed servicing requirements, including the 2021 amendments and FAQs
- Loss mitigation principles – regulators’ primary concern
- Reg. Z requirements, including periodic statements, payoff statements, and escrows
- Flood insurance escrow requirements
- Error resolution and information request requirements
- Force-placed insurance
- Default management rules, including early intervention requirements, access to personnel, continuity of contact, and the loss mitigation application process
- Foreclosure provisions
- Debt collection, including the FDCPA and Reg. F
- Fair lending and UDAP/UDAAP issues
Who Should Attend
Anyone involved in the servicing and loss mitigation efforts within mortgage lending, including loss mit counselors, processors, and customer service representatives, as well as risk managers, compliance professionals, auditors, and legal staff.