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 23rd.

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 Post-Go Live QA testing.
    • 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 implementation timeline for Phase 2 will be adjusted to accommodate enhancements being provided by Black Knight. An updated timeline will be provided in the November monthly summary.
  • The current project plan for all items has been attached.

Now that implementation has been completed on the first phase of the CFPB rule changes, Cenlar will resume with monthly communications in November. In the coming months, Cenlar will conduct another listen-only call to discuss the changes that are effective April 19, 2018. Details surrounding the call and registration will be provided in a future Advisory. If you have any questions about the documents provided here or implementation, please contact compliancechgmngt@cenlar.com.