NY Establishes Loss Mitigation, Fair Dealing Duties for Mortgage Servicers

Loan Loss Mitigation - Services to Help with Loan Loss Mitigation Servicers and subservicers are cautioned, however, to ensure that the parties to the contract have followed HUD regulations regarding approved servicers, mortgage record changes and servicing requirements, including loss mitigation evaluation and the management decision to foreclose.

The Consumer Financial Protection Bureau’s (cfpb) mortgage servicing rules have now been in place for nearly 18 months. These rules have set forth extensive loss mitigation procedures that nearly all servicers must follow.

Default Mortgage Servicing Simplified A unified servicing platform can be a valuable tool in dealing with increased regulations and eroding profit margins. executive summary In the aftermath of the financial crisis of 2008, the U.S. mortgage industry reeled under an unprecedented level of defaults followed by increased regulations.

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Licensees are required to comply with the Montana Mortgage Act and the rules adopted thereunder as well as any other state or federal law, rules, and regulations adopted under those laws that are applicable to any business covered under the Montana Mortgage Act pursuant to 32-9-124(1)(i), MCA.

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The New York State Banking Department has issued new regulations that address the business practices of mortgage loan servicers and establish additional consumer protections for homeowners. Part 419 of the Superintendent’s Regulations, which go into effect Oct. 1, 2010, are a follow-up to the adoption of Part 418 in July 2009, which established standards and procedures for the registration.

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On June 22, 2016, the CFPB issued a Mortgage Servicing Supervisory Highlights Special Edition Report, and concluded that mortgage servicers may be violating the servicing rules that the CFPB enacted in January 2014, as a result of servicers’ continued reliance on ineffective technology.

Mortgage servicers must attempt to make live contact with borrowers who become delinquent within 36 days of the delinquency. A voicemail message doesn’t cut it. Reg. X 1024.39. The servicer must describe the kinds of loss mitigation options that are available and they must establish a single point of contact for the borrower with the servicer.

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