Compliance Essentials: Consumer Financial Protection Bureau's (CFPB) Mortgage Servicing Rules Resource Guide

MBA Compliance Essentials: CFPB's Mortgage Servicing Rules Resource Guide ©2017

Summary:

Building upon its 2013 Servicing Rules, the CFPB released additional Servicing requirements in 2016. This volume addresses the content of the 2016 Servicing Rules that are now in force, as well as other rules relating to mortgage loan servicing. In this volume such timely subjects are addressed including but not limited to: Accelerated Loans, Successors in Interest, Bankruptcy, Loss Mitigation Requirements, and Notice Timing Requirements, among others. It also provides helpful Compliance Checklists to assure a compliant and productive servicing function. The MBA Compliance Essentials CFPB's Mortgage Servicing Rules Resource Guide is written to provide a base for development of your company's policies and procedures in this area.

Developed by:

• Nanci L. Weissgold, Partner, Alston & Bird LLP
• Morey Barnes Yost, Senior Associate, Alston & Bird LLP
• Kendall Stensvad, Associate, Alston & Bird LLP

Chapters include:

• Introductory & Statutory Background
• Applicability Chart
• Policies and Checklists for:
  • Closed-End Servicing Disclosures
  • Payment Crediting and Payoff Statement
  • Servicing Transfer
  • Force-Placed Insurance
  • Error Resolution, Information Request, and QWR Policy
  • Early Intervention
  • Continuity of Contact
  • Loss Mitigation
  • Investor Reporting
  • Recordkeeping
  • Successor in Interest