Mortgage Servicing Compliance: Meeting Extensive New Regulatory Expectations

Instructor: Craig M Taggart
Product ID: 704480
Training Level: Intermediate
  • Duration: 90 Min

recorded version

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Read Frequently Asked Questions

This training program will discuss Fair Debt Collection Practices Act (FDCPA) rules, ARM (adjustable rate mortgage) change notification requirements, dealing with partial payments, providing payoff statements, and more.

"Mortgage Servicing Compliance: Meeting Extensive New Regulatory Expectations" - This course is approved by NASBA (National Association of State Boards of Accountancy). Attendees of Live Webinar are eligible for 1.8 CPE credit up on full completion of the course.

Why Should You Attend:

In a sense, servicing consumer mortgage loans has always been a bit of the wild west of compliance, meaning there was little in the way of rules and regulations. But thanks to the financial crisis and resulting exposure of unsavory practices, new rules were put into place by the Dodd-Frank Act. These rules include many new standard requirements dealing with periodic statements and escrows, for example, but most of the new requirements focus on how servicers deal with distressed borrowers - from mandating early intervention and processes around loss mitigation applications, to new foreclosure timing rules.

This webinar will focus on these critical areas, and provide practical advice on how to meet both regulatory and borrower expectations.

Learning Objectives:

Upon completion of this webinar, attendees will learn how to:

  • Establish and maintain written policies and procedures pursuant to the Loan Originator Rule
  • Comply with disclosure requirements concerning the RESPA list of homeownership counseling organizations
  • Comply with Regulation X requirements for the GFE
  • Comply with Regulation X requirements for completion of the HUD-1
  • Avoid deceptive practice from overly broad release in home equity installment loan agreements

Areas Covered in the Webinar:

  • Fair Debt Collection Practices Act (FDCPA) rules
  • New periodic statement (Regulation Z, Truth in Lending Act) and similar disclosure requirements, including exemptions
  • ARM (adjustable rate mortgage) change notification requirements
  • Dealing with partial payments
  • Providing payoff statements
  • New force-placed insurance requirements
  • Reasonable servicing policy and procedure requirements
  • Early intervention rules
  • Loss mitigation options, applications, and processes
  • Servicing file requirement
  • Foreclosure rules, including timing and notices

Who Will Benefit:

  • Loss mitigation specialists
  • Collectors
  • Supervisors
  • Auditors
  • Special asset staff
  • Compliance officers
  • Legal counsel
  • Bank and financial institution auditors
  • Controllers and corporate managers
  • Forensic and management accountants, accounts payable and financial analysts
  • Governance, risk management and compliance officers
  • Internal and external auditors, CPAs and CAs
  • Certified Fraud Examiners and other anti-fraud professionals
  • Financial services professionals
  • Securities attorneys
  • Board members
  • Anyone performing duties in consumer mortgage serving areas of financial institutions

Instructor Profile:

Craig Taggart has almost a decade of experience in the fields of mergers and acquisitions and business financing. Mr. Taggart works strategically with his clients to achieve the highest value for their business within the capital markets. His experience with BCC Capital Partners in the M&A industry has greatly contributed to his understanding of transaction structure, strategic placement of buyers, and the attainment of maximum market value for his clients. He has represented and sold many businesses in a number of different industries and has significant experience working with companies in: continuing education, transportation, software and professional services. Mr. Taggart is currently working in the clean energy sector that covers multiple initiatives within M&A and corporate development.

He is a certified merger and acquisition advisor, accredited valuation analyst as well as an active member of Alliance of Mergers and Acquisition, and The National Association of Certified Valuators and Analysts (NACVA). His knowledge and expertise also extends to systems such as: Software as a Service (SaaS), and ERP and CRM systems (Netsuite, Salesforce, Sage 100, 500, X3 ERP). Mr. Taggart has been a certified fraud examiner since 2011 and has previously worked at Deloitte with their quality risk management team.

He earned his MBA from the San Diego State University specializing in financial management. Mr. Taggart graduated from the California State University Northridge with a bachelor’s degree majoring in organizational psychology.

Topic Background:

After a year adjusting to new rules issued by the Consumer Financial Protection Bureau, some in the mortgage industry are still not up to code, the CFPB's latest supervision report found. The bureau’s eighth edition of supervisory highlights covers activities between January 2015 and April 2015, and resulted in remediation of $11.6 million to more than 80,000 consumers.

“We are extremely concerned that one year after the CFPB’s mortgage servicing rules went into effect we are still finding runarounds and illegal dual-tracking,” said CFPB Director Richard Cordray. “Consumers deserve to be treated with honesty and integrity, and our rules require that servicers give borrowers a fair process when they try to save their homes. The CFPB will continue to stand beside consumers to make sure mortgage servicers are following the law,” Cordray added.

Under the Dodd-Frank Act, the CFPB has authority to supervise banks and credit unions with more than $10 billion in assets and certain nonbanks. The CFPB’s last report resulted in remediation of $19.4 million to more than 92,000 consumers, along with six mortgage origination violations. Given the frequency with which these scenarios arise in China, MNCs need to deal with FCPA risks now by immediately implementing an effective on the ground FCPA compliance program in China.

A compliance program must clearly set forth what is acceptable behavior, what is not, with many examples, and the consequences for failing to observe the rules, including termination. Then the rules must be strictly enforced. China’s rise as a global economic power and its culture, which tolerates many forms of corruption in business, indicate that many more FCPA cases involving China will rise in the future. MNCs need to take forceful measures now to avoid problems that may later arise.

We are registered with and adhere to the Statement on Standards for Continuing Professional Education programs of the National Registry of CPE Sponsors. Our registration number is 109066. Please check with the governing body of your license and state for specific CPE requirements. Grievances may be forwarded to the company at 650 620 3961. Grievances may also be forwarded to the National Registry of CPE Sponsors-NASBA, 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417, 615-880-4200,, e-mail

Field of Study Minutes CPE
Regulatory Ethics 90 1.8
Total Duration - 90 Min Total Credits - 1.8

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