A New World for Mortgage Banking – What You Need to Know About the CFPB’s Final Mortgage Servicing Rules

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The Consumer Financial Protection Bureau (CFPB) issued its final rules regarding mortgage servicing last week which will undoubtedly change mortgage servicing operations in the United States - and according to some commentators, may lead to certain loan originators and servicers giving up the mortgage business entirely. The CFPB was required to announce final rules for mortgage regulations mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act by January 21.

With the new rules going into effect on January 10, 2014, mortgage servicers must now focus on achieving compliance within the next 12 months. Join our panel to discuss the requirements of the CFPB’s Final Rules and what loan servicers need to do to comply.

Moderator

Timothy R. McTaggart, Partner, Pepper Hamilton LLP

Panel

Daniel G. Murray, Partner, Pepper Hamilton LLP

Audrey D. Wisotsky, Partner, Pepper Hamilton LLP

•Title XIV of the Dodd-Frank Act is known as the Mortgage Reform and Predatory Lending Act.

•It makes significant changes to all aspects of mortgage lending rules and practices from origination to servicing.

•The Bureau is given broad authority to adopt regulations under Title XIV.

•Regulations were required to be issued by January 21, 2013.

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Topics:  Adjustable-Rate Mortgage, Barack Obama, CFPB, Delinquent Borrowers, Dodd-Frank, Foreclosure, Loss Mitigation, Mortgage Loan Servicing Standards, Recess Appointments, RESPA, TILA

Published In: Consumer Protection Updates, Finance & Banking Updates, Insurance Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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