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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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Rethinking Loan Modification Workflow

by Joe Mowery Before a servicer permanently modifies a loan, a few things have to happen: The borrower has to qualify for the mod, provide a significant amount of documentation, and usually make at least three trial payments to demonstrate a willingness and capacity to live up to the new …

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Technology Applications for Servicing and Default Management

By Callie Hickman Technological advances are drastically altering the loan servicing and default management landscape. Tasks that once required the borrower to attend face-to-face meetings or pick up the phone can now be carried out remotely via mobile apps and Web portals. As human touchpoints continue to diminish, borrower expectations …

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