The seventh in a series of posts on the new mortgage servicing rules. CFPB has issued the Final Rule for Mortgage Servicing, which takes effect January 10, 2014. Among the numerous changes to mortgage servicing, there are several amendments to Regulation X (RESPA), including a vague-sounding section entitled Policy, Procedures and Requirements. This provision does not [...]
The sixth in a series of posts on the new mortgage servicing rules. CFPB has issued the Final Rule for Mortgage Servicing, which takes effect January 10, 2014. Among the numerous changes to mortgage servicing, the Loss Mitigation section contains specific guidelines to occur prior to the foreclosure process. This section follows similar sections dealing [...]
The fifth in a series of posts on the new mortgage servicing rules. CFPB has issued the Final Rule for Mortgage Servicing, which takes effect January 10, 2014. Among the numerous changes to mortgage servicing, there are several amendments to Regulation X (RESPA), including three new Rules about dealing with delinquent borrowers. These rules are [...]
UDAAP stands for Unfair, Deceptive, or Abusive Acts or Practices. The Dodd-Frank Act added the term “abusive” to the existing Unfair, Deceptive Acts or Practices Act in response to issues arising from the mortgage crisis and from certain credit card practices. The Dodd-Frank also gave authority to the CFPB to take enforcement actions, in addition [...]
The fourth in a series of posts on the new mortgage servicing rules. Among the numerous changes to mortgage servicing heading our way in January 2014, there are several amendments to Regulation X (RESPA) including three new Rules about dealing with delinquent borrowers. These rules are presented separately in the regulation text, but build on [...]
The third in a series of posts on the new mortgage servicing rules. Among the numerous changes to mortgage servicing scheduled to take effect in January 2014, there are several amendments to Regulation X (RESPA) including the new Force-Placed Insurance Rule. Force-placed Insurance basically limits servicers from charging a borrower for force-placed insurance coverage unless [...]
The annual ACH audit has long been a part of the full AffirmX compliance solution. As with other compliance areas, the institution's ACH risks would be assessed, and a review would be scheduled accordingly, based on where it fit within the institution's overall risk profile. However, in response to requests from institutions seeking to supplement [...]
The second in a series of posts on the new mortgage servicing rules. The Error Resolution and Information Requests Rule establishes error-resolution procedural requirements for responding to (1) Notices of Error and (2) Information requests. Basically, there was a high number of complaints during the mortgage foreclosure crisis about the lack of communication from lenders. [...]
The first in a series of posts on the new mortgage servicing rules. The CFPB has issued the Final Rule for Mortgage Servicing, which will be effective on January 10, 2014. Among the numerous changes to mortgage servicing, there are several significant amendments to Regulation X (RESPA) and Regulation Z (TILA). On the compliance tsunami [...]
Unless you've been living lately on one of the remoter planets in our solar system, you've likely been inundated with a flood of information about the new mortgage servicing rules due to be implemented in January 2014. We've asked Coppelia Padgett, senior analyst at AffirmX, to take us through what it all means a step [...]
