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Loan Servicing

TCPA Can Hinder Servicing in the Aftermath of a Natural Disaster

By Nanci Weissgold In the immediate aftermath of a natural disaster, communication is strained. Servicers need to establish right party contact to determine the condition of the mortgaged property. Servicers also may want to offer borrowers temporary relief. Sending emails or text messages may be efficient methods of communication to …

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CFPB Supervisory Highlights (Mortgage Servicing)

1.1 Mortgage Servicing 1.1.1 Requirements to help borrowers complete loss mitigation applications Regulation X provides important process protections for borrowers in financial distress who apply for a foreclosure alternative. Specifically, it requires mortgage servicers to exercise reasonable diligence in obtaining documents and information to complete a loss mitigation application.32 A complete …

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Collections: Calling Borrowers Too Much – MA Regulations Trip Up Some in Industry

By Ben Guimarra Nobody wants to think about this: but some borrowers will need to be “reminded” to make their payment. Shocking, I know! But some companies are getting themselves into trouble for how exactly they go about this. And Massachusetts is a good example of a state that’s actively …

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MBA Servicing 2017

Everything is bigger in Texas—including ideas, which is why this year’s MBA National Mortgage Servicing Conference & Expo could only have taken place in the Lone Star State. Set against the backdrop of the beautiful and rustic Gaylord Texan Hotel, the conference drew in thought leaders from all over the …

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Escrow – 3 Questions

Escrow accounts send a chill up the spine of some mortgage loan lenders and servicers. The collection, maintenance, and use of escrow funds have historically presented challenges for operations and compliance, and, with the publication of the TILA Escrow Rule and final rulemaking, the challenges have expanded. Here are three …

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 Big Data and Loan Servicing

By Patrick O’Connor Big Data is the latest event in the accelerating pace of human change. Humans started farming between 6,000 to 9,000 B.C., or about 8,000 to 11,000 years ago. In Western history, the Industrial Revolution started about 1800. The Information Revolution became mainstream in 1976 with the first …

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Mortgage Servicing Rules – Version 2.0

The Consumer Financial Protection Bureau’s (CFPB) fourth set of amendments to the Mortgage Servicing Rules, published in October, are the most sweeping changes since the rules took effect in 2014. Servicing remains a stated focus of the CFPB, and with the 2016 Final Rule (Final Rule) weighing in at 900 …

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Preparing for CFPB Servicing Exams – Avoiding Common Mistakes with Servicing Transfers and Private Mortgage Insurance

 By Jim Shankle and Chris Ortigara As many servicers learned in June 2016, when the Consumer Financial Protection Bureau (CFPB) published the Supervisory Highlights Mortgage Servicing Special Edition Issue 11, there are continued common weaknesses within the servicing industry. Despite improvements in many areas of servicing in the last few …

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Debt Collection Safe Harbor for Mortgage Servicers

A mortgage servicer’s conduct is not always governed by the Fair Debt Collection Practices Act (FDCPA), but, servicers that acquire a mortgage loan following default are subject to the FDCPA with respect to that loan. On August 4, 2016, in conjunction with issuing the final mortgage servicing rule, the Consumer …

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Mortgage Servicing Compliance in the Storm’s Path

You have probably seen documentaries or special weather programs that depict how tsunami waves build, gather force, and then, finally, bring havoc to life and property. As the force of the ocean builds, it becomes inevitable that the result will be damaging. Similarly, we have seen many times over how …

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