Financial institutions are subject to an overwhelming – and changing – myriad of federal laws that deal with real estate loan collections and servicing, including the Truth in Lending Act (Reg Z), the Real Estate Settlement Procedures Act (Reg X), the Fair Debt Collection Practices Act (and UDAAP), the Fair Credit Reporting Act (Reg V), and the Equal Credit Opportunity Act (Reg B). Within the last few years, there have been many important changes to these laws regarding restrictions on collection procedures, mortgage default notices, successors in interest, timing restrictions on mortgage foreclosures, and new bankruptcy protections.
This webinar will explain the federal rules regarding real estate loan collection and foreclosure, and situations when small lenders and servicers are exempt from these rules. It also will address foreclosure alternatives, such as restructurings, short sales, and deeds in lieu of foreclosure. Practical tips for ensuring compliance with these complex mortgage collection rules will be provided.
- Clarification of when a borrower becomes delinquent for purposes of foreclosure
- “Successor in interest” rules governing real estate transfers caused by death, divorce, trust, or gift, and who qualifies
- Detailed analysis of mortgage foreclosure timing restrictions
- When are loss mitigation requirements applicable and when is a small lender or servicer exempt?
- Which collection notices don’t violate the automatic stay in bankruptcy?
- CFPB examination manual for mortgage servicing, including the modules for collection, loss mitigation, foreclosure, and bankruptcy
- Model collection notice and periodic statements for consumers in bankruptcy
- Employee training log
- Quiz to measure staff learning and a separate answer key
WHO SHOULD ATTEND?
This informative session will benefit mortgage loan officers, credit personnel, loan operations staff, compliance staff, collectors, managers, auditors, and attorneys.
PLEASE NOTE: The live webinar option allows you to have one telephone connection for the audio portion and one Internet connection (from a single computer terminal) to view online visuals as the presentation is delivered. You may have as many people as you like listen from your office speaker phone.
ABOUT THE PRESENTER – Elizabeth Fast, JD, CPA, Spencer Fane LLP
Elizabeth Fast is a partner with Spencer Fane LLP where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions. She is a member of the Missouri State Banking Board by appointment of the Governor.
- Live - $245
- Recorded and Digital Download - $245 plus tax
- Live, Recorded and Digital Download - $320 plus tax