CFPB Amendments Related to Successors in Interest
Is Your Bank’s Implementation Plan Ready to Execute?
Recorded Thursday, June 22, 2017 • 1:00 – 2:30 p.m. CT
Join us for a three-part mini-series that zeros in on the most challenging aspects of the Consumer Financial Protection Bureau’s (CFPB’s) recent amendments to the mortgage servicing rules—loss mitigation, successors in interest, and servicing borrowers in bankruptcy. These programs will focus on practical information you need to know as your bank executes its implementation plan for the new rules. This series is designed for bankers who have a working knowledge of the new rules.
This series will focus on:
- Necessary updates you need to make to your servicing policies and procedures
- Practical guidance to assist you with implementing the rules
- In-depth discussion and analysis of the more challenging aspects of the new rules
- Tips for working with your vendors to implement the new rules
Part 2 will discuss the new amendments to the mortgage servicing rules that significantly revise regulatory obligations regarding successors in interest. Are your policies and procedures reasonably designed to identify potential successors in interest? Are you prepared to communicate the documents reasonably required to confirm a person’s identity and ownership interest in the property? Are you prepared to timely determine whether an individual is a “confirmed” successor in interest and satisfy the CFPB servicing requirements with respect to any “confirmed” successor in interest?
This session will address what is perhaps the most challenging aspect of the new servicing rules to operationalize.
This Briefing will address all amendments related to successors in interest including, but not limited to the following:
- New policies and procedures
- Confirmation and documentation determinations
- New disclosure requirements
- Krista Shonk, Vice President, Mortgage Finance / Senior Regulatory Counsel, American Bankers Association (moderator)
- Jason R. Bushby, Partner, Bradley Arant Boult Cummings LLP
- Jonathan R. Kolodziej, Associate, Bradley Arant Boult Cummings LLP