CFPB Mortgage Servicing Amendments

As part of our ongoing communication to you regarding the progress of this project, please see our CFPB Mortgage Servicing Amendments update for the week of October 16th.

Noteworthy Updates:

  • The most current version of the Executive Summary has been provided – All sections with 10/19/2017 effective dates have completed Validation.
  • The following sections have successfully completed Validation and are ready for Go Live
    • Definition of Delinquency
    • Request for Information
    • Force Place Insurance
    • Early Intervention
    • Loss Mitigation/Servicing Transfers
    • Loss Mitigation/Servicing Transfers
    • Loss Mitigation/Prompt Payment Crediting
    • Periodic Statements (Non-Bankruptcy)
  • Although the CFPB has provided an early implementation window, Cenlar will not implement any portions of the rule prior to the 10/19/2017 effective date
    • Periodic Billing Statements – Bankruptcy and Successors in Interest are currently on schedule and in the implementation phase. The implementation timeline for Phase 2 will be adjusted to accommodate for enhancements being provided by Black Knight. A more detailed timeline will be provided after the implementation of the 10/19/2017 changes.
  • Current project plans for all items are attached.

As the implementation date nears, we recognize the importance of communicating to you our progress on the project. Because of this, weekly communications will continue to be provided throughout the month of October. If you have any questions about the documents provided here or implementation, please contact compliancechgmngt@cenlar.com.