Description
Gain a better understanding of mortgage servicing rules that apply to small servicers.
Since the financial crisis of the late 2000s, mortgage servicers and the broader mortgage industry have been subjected to intense scrutiny in the form of regulatory enforcement and litigation. In response to issues discovered throughout the crisis, the federal government overhauled the mortgage servicing regulatory landscape when the Consumer Financial Protection Bureau (CFPB) enacted significant amendments to Regulations X and Z. The mortgage servicing rules cover numerous topics and strictly regulate nearly all aspects of a mortgage servicers operations. These rules can be onerous, even for the largest companies. Recognizing this, the CFPB incorporated an exception to some of the more burdensome rules for entities that are considered to be small servicers. However, small servicers arent exempt from all of the mortgage servicing rules. This presentation will help mortgage servicers understand who qualifies as a small servicer and will explain in detail the mortgage servicing rules that apply to small servicers. Even though smaller entities may have less risk exposure than the largest servicers, complying with the law is of the utmost importance to minimize and avoid potential litigation and enforcement risk.
Date: 2023-06-22 Start Time: 1:00 PM ET End Time: 2:05 PM ET
Learning Objectives
* You will be able to discuss what it means to be a small servicer for the purposes of the mortgage servicing rules.
* You will be able to describe the various mortgage servicing rule obligations that apply to small servicers.
* You will be able to explain the history of the mortgage servicing rules, why there is a small servicer exemption for many provisions, and the importance of complying with the mortgage servicing rules.
* You will be able to identify which provisions of the mortgage servicing rules apply to small servicers and which do not.