New CFPB Amended Mortgage Servicing Rules: What You Need to Know

September 29, 2016

Mortgage servicing requirements and expectations are changing again! The CFPB has amended its 2013 Mortgage Servicing Rules by adding new requirements, new borrower protections, and clarification to existing requirements.

Join your League for the webinar, New CFPB Amended Mortgage Servicing Rules: What You Must Know Now & Why Advance Planning is Critical, on Monday, October 3, from 3:00 p.m. to 4:30 p.m., and begin learning about the amendments and outlining an implementation plan now to be compliant by the projected effective date of August 2017.

The amendments cover nine major topics – including the definition of delinquency, successors in interest, information requests, periodic statements, and loss mitigation requirements. This webinar will provide a high-level overview of the amended mortgage servicing requirements, including which provisions apply to "small servicers." By understanding the amendments' scope and impact early, institutions will be able to properly manage the time and resources necessary to implement the changes.

For those participating in this webinar, you can expect to learn about:

  • Analysis of the CFPB's definition of delinquency
  • Expectations for handling information requests for loans owned by Fannie Mae or Freddie Mac
  • Discussion of the requirements for working with successors in interest
  • Analysis of changes to periodic statement requirements, including alternative versions for borrowers who have filed for bankruptcy
  • Review of the "small servicer" exemption


After participating in this webinar, attendees will receive: a summary of the changes to the nine major topics; handout explaining which changes apply to "small servicers"; employee training log; and a quiz you can administer to measure staff learning and a separate answer key.

This webinar is offered through the League's partnership with the CU Webinar Network.

For more information or to register, please click here.

A more thorough analysis of the impact of the changes on foreclosure and bankruptcy practices will be addressed in the webinar, New CFPB Amended Rules for Mortgage Foreclosure & Bankruptcy Protections: Preparing Now for the 2017 Effective Date, on Monday, October 24.