CFPB Mortgage Servicing Amendments
As part of our ongoing communications to you regarding this project,you will find our CFPB Mortgage Servicing Amendments update here for the month of November 2017.
Noteworthy Updates:
- The most current version of the Executive Summary has been provided – All Sections with 10/19/2017 effective dates have been implemented.
- The following sections have been successfully implemented and are currently in Sustainability Testing. Please note the end date for the sustainability testing has been extended to February 28, 2018. The additional month was added to ensure we will have a full three months of data to test.
- Definition of Delinquency
- Request for Information
- Force Place Insurance
- Early Intervention
- Loss Mitigation/Servicing Transfers
- Loss Mitigation/Prompt Payment Crediting
- Periodic Statements (Non-Bankruptcy)
- Periodic Billing Statements – Bankruptcy and Successors in Interest are currently on schedule and in the implementation phase. The timeline for Phase 2 was adjusted to accommodate enhancements being provided by Black Knight Financial Services (BKFS), letter and procedure development. The updated timeline has been provided in the attached executive summary.
- The current project plan for all items has been included.
Lastly, the Cenlar Compliance Department will be hosting a conference call for our Clients on Thursday, January 11th, 2018 from 2 pm to 3 pm EST to discuss Phase 2 of the CFPB Mortgage Servicing Amendments. This listen-only, one hour session will provide you with a high level overview of Phase 2 of the CFPB Mortgage Servicing Amendment requirements and the current status of the action plans and timeframes for implementation. It will be hosted by Lynn Tarantino, Cenlar’s Chief Compliance Officer and Jennifer Rowen, Cenlar’s VP, Compliance Program Management. We hope you can join. Additional information regarding registration will be provided in the December advisory.
Any questions can be sent directly to compliancechgmngt@cenlar.com and the Compliance Department will respond within 24 hours of receipt (excluding weekends and holidays).