Gain a better understanding of mortgage servicing rules that apply to small servicers.
Since the financial crisis of the late 2000s, mortgage servicers and the broader mortgage industry have been subjected to intense scrutiny in the form of regulatory enforcement and litigation. In response to issues discovered throughout the crisis, the federal government overhauled the mortgage servicing regulatory landscape when the Consumer Financial Protection Bureau (CFPB) enacted significant amendments to Regulations X and Z. The mortgage servicing rules cover numerous topics and strictly regulate nearly all aspects of a mortgage servicer's operations. These rules can be onerous, even for the largest companies. Recognizing this, the CFPB incorporated an exception to some of the more burdensome rules for entities that are considered to be small servicers. However, small servicers aren't exempt from all of the mortgage servicing rules. This presentation will help mortgage servicers understand who qualifies as a small servicer and will explain in detail the mortgage servicing rules that apply to small servicers. Even though smaller entities may have less risk exposure than the largest servicers, complying with the law is of the utmost importance to minimize and avoid potential litigation and enforcement risk.
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Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Welcome and Introduction
Background
- History of Mortgage Servicing Rules
- Overview of Mortgage Servicing Rules
- Importance of Compliance
Definition of Small Servicer
- Who Is Considered a Small Servicer?
- What Provisions Contain Exemptions for Small Servicers?
Rules Applicable to Small Servicers
- Servicing Transfers
- Error Resolution and Information Requests
- Force-Placed Insurance
- Loss Mitigation/Dual Tracking
- ARM Notices
- Payment Processing/Payoff Statements
- Ownership Transfer Notices
- Escrow Cancellation Notice
Conclusion
- Compliance Considerations
- Takeaways
Questions and Answers
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Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on June 22, 2023.
Call 1-866-352-9540 for further credit information.
- AK CLE 1.0
- Alaska attorneys may receive 1.0 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
- AL CLE 1.1
- This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.1 hours credit.
- AR CLE 1.0
- This course has been approved for 1.0 hours of CLE by the Arkansas CLE Board.
- Arizona CLE 1.0
- The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.0 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.0
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.0 CLE hours of participatory credit.
- CT CLE 1.0
- Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.0 CLE credit(s).
- GA CLE 1.0
- This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.0 CLE hours.
- HI CLE 1.0
- This program was approved by the Hawaii State Board of Continuing Legal Education for 1.0 CLE credit hours.
- IL CLE 1.0
- This course was approved for a total of 1.0 hours of MCLE Credit by the Illinois MCLE Board.
- MO CLE 1.3
- This course qualifies for self-study CLE credit in Missouri.
- ND CLE 1.0
- North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.0 hours of CLE credit.
- NH MCLE 1.1
- NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 64 Minutes.
- NM CLE 1.0
- This program has been approved by the New Mexico Minimum Continuing Legal Education Board for 1.0 hours of credit.
- NV CLE 1.0
- This program has been approved by the Nevada Board of Continuing Legal Education for 1.0 CLE hours.
- NY CLE 1.0 including Areas of Professional Practice 1
- This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.0 credit hours in the area(s) of Areas of Professional Practice for 1.00 hour. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Education- Noggin Guru, Inc. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
- PA CLE 1.0
- This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.0 hours of substantive law, practice and procedure CLE credit.
- RI CLE 1.0
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.0 hours of CLE credit.
- VT CLE 1.0
- This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.0 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
- WV MCLE 1.3
- This program has been approved by the West Virginia State Bar MCLE Commission for 1.3 MCLE hours.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Jonathan R. Kolodziej
Bradley
- Partner, CFPB team co-leader
- Practice focuses on regulatory compliance, examination, and enforcement matters
- Represents all types of consumer financial service companies, with a large focus on mortgage servicing
- Adjunct professor, University of Alabama School of Law, Real Property Security and teacher of Regulatory Compliance and Current Issues during the Mortgage Bankers Association’s School of Mortgage Banking I, II, and III courses
- Regular speaker at various industry conferences, including the Mortgage Bankers Association’s Regulatory Compliance, Servicing Solutions, and Legal Issues conferences
- Helped develop the Mortgage Bankers Association’s course material for the Certified Regulatory Compliance Manager (CRCM) designation and also reviews and updates most of the Mortgage Bankers Association’s education content regarding mortgage laws and regulations
- Author of Interplay of the Cares Act’s Forbearance Framework and Regulation X’s Loss Mitigation Rules, The Conference on Consumer Finance Law Quarterly Report, Volume 75; co-author of Chapter 11: Debt Collection Practices in the publication of Consumer Finance Law: Understanding Consumer Financial Services Regulations, American Bar Association; co-author of the American Banker’s Association’s Reference Guide for Mortgage Servicing
- Member of the Mortgage Bankers Association and the Alabama Bar Association
- J.D. degree, University of Alabama School of Law; B.A. degree, Villanova University
- Can be contacted at [email protected], 205-521-8235 (office), or 203-241-5922 (cell)
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