FDIC Videos on Mortgage Servicing Rules

On February 13, 2015, the Federal Deposit Insurance Corporation (FDIC) announced the release of the third in a series of three new technical assistance videos developed to assist banks in complying with certain mortgage rules issued by the Consumer Financial Protection Bureau (CFPB). This third release consists of five short videos covering the Mortgage Servicing Rules.

The videos provide a good explanation of how banks can accurately determine whether they qualify for the Small Servicer status, therefore qualifying for certain exemptions from the mortgage servicing rules. The videos also discuss some of the challenges Servicers are facing and tips/suggestions for compliance management.

As a refresher, if you qualify as a Small Servicer, the following provisions related to the 2014 Mortgage Servicing Rules STILL apply to you:

1. Promptly crediting payments and providing payoff statements;

2. Providing accurate and timely ARM disclosures;

3. Providing timely and accurate information in response to requests for information;

4. Investigating, responding to, and, as appropriate, making corrections in response to errors, and informing borrowers appropriately;

5. Following the loss mitigation 120-day pause rule;

6. Following the new force-placed insurance and related escrow rules; and,

7. Mortgage servicing transfer rules.

Published
2015/02/17
Deb Irving
David Dickinson

David Dickinson

David’s banking career began as a field examiner for the FDIC in 1990. He later became a Compliance Officer and Loan Officer for a small bank. In 1993, he established Banker’s Compliance Consulting. Along with his amazingly talented Team, he has written numerous compliance articles for prestigious banking publications and has developed compliance seminars that Banker’s Compliance Consulting produces.

He is an expert in compliance regulations. He is also a motivational speaker and innovative educator. His quick wit and sense of humor transforms the usually tiring topic of compliance into an enjoyable educational experience. David is on the faculty of the American Bankers Association National Compliance Schools and has served on the faculty of the Center for Financial Training for many years. He also is a frequent speaker at the ABA’s Regulatory Compliance Conference. He is also a trainer for hundreds of webinars, is a Certified Regulatory Compliance Manager (CRCM) and has been a BankersOnline Guru for many years. The American Bankers Association honored David with their Distinguished Service Award in 2016.

David and his wife Karen have three adult children, four grandchildren (none of whom live at home!) and two cats (of which Dave is allergic … the cats, not the children!). They recently moved to an acreage outside of Lincoln, Nebraska where he gets to play with his tractor. When possible David can be found fishing, making sawdust in his shop, or playing the guitar and piano. He also enjoys leading worship at his church.

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