This CLE webinar will provide banking counsel with a review of the new and still evolving CFPB regulatory and enforcement environment for the residential mortgage and student loan servicing industries. The panel will outline best practices for adapting to and complying with new laws and regulatory oversight and discuss lessons from recent consumer loan servicing litigation and enforcement actions.
The CFPB Final Servicing Rules, effective Jan. 10, 2014, make significant changes to loan servicing procedures and impact how mortgage payments are collected and managed. New disclosure mandates are also imposed. Servicers cannot commence foreclosure until after 120 days of delinquency, giving borrowers time to apply for loan modifications.
The nationwide AG servicing settlement is not quite consistent with the new CFPB Servicing Rules and servicers must navigate the interplay between the two sets of standards. Added to the mix are various state laws and state-level initiatives that servicers must balance.
In Dec. 2013, the CFPB issued a rule that allows the Bureau to supervise certain large non-bank student loan servicers for the first time. Non-bank loan servicers, regardless of size, remain subject to the Bureau's enforcement jurisdiction. Student loan servicers must quickly adapt to this changing legal environment.
Listen as our authoritative panel of attorneys discusses the evolving CFPB regulatory and enforcement environment for the consumer loan servicing market, how to adapt to and comply with new laws and regulatory oversight, and lessons learned from recent servicing litigation and regulatory enforcement action.
- Mortgage loan servicers
- New CFPB Final Servicing Rules for residential mortgage loans
- Interplay between CFPB servicing rules and the national servicing settlement
- Navigating federal vs. state-level servicing requirements and enforcement
- Lessons from recent mortgage servicing litigation—FDCPA, RESPA, FCRA liability for lack of disclosure
- Student loan servicers
- CFPB initiatives, supervisory oversight and enforcement jurisdiction
- Bankruptcy court developments
The panel will review these and other key questions:
- What mortgage loan servicers are affected by the Final Servicing Rules and who qualifies for the "small servicer" exemption?
- What information must mortage loan servicers now provide to consumers and what new communication is mandated with defaulting borrowers?
- What are lessons from recent mortgage servicing litigation?
- What issues can we expect to see raised by the CFPB regarding student loan servicers in 2014?
- What are the latest developments in the dischargeability of student loan debt in bankruptcy?
Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.
This program has been approved for 2.0 CPE hours through Strafford Publications. CPE Credit is available only for the LIVE webcast. Recorded versions do not qualify for credit.
Strafford is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.
To obtain CPE credit, attendees must participate in the live event, return an Official Record of Attendance to Strafford affirming their participation (including the CPE code announced during the program), and pay a processing fee of $35 per person.
Strafford will mail a certificate of credit within approximately 2 weeks of receiving an attendee's completed Official Record of Attendance—provided all required conditions have been satisfied.
Handout materials and the phone number for live presentations are made available to you 1 day prior to the event via email from the presenter. Copies of the presentations are included with recorded versions.
If you order a recorded version of the webinar, CD's will be mailed out approximately 10 days after the live event. Shipping is included in the price of recorded versions.
Cannot Attend The Live Presentation?
This presentation is also available in a recorded format, in CD version, as shown in the pricing options below.