Monthly Regulatory Compliance Change Management Summary

Please find our monthly Regulatory Compliance Change Management Summary as of August 30, 2018 here.

This month’s Regulatory Compliance Change Management conference call will take place on Wednesday, October 24 at 2pm EST. To register for the monthly call, please email compliancechgmngt@cenlar.com. For your convenience, the call will be recorded and made available to clients who are unable to attend.  If you have already registered for a previous call there is no need to request registration again.

Noteworthy Items:            

  • Senate Bill 2155 – Economic Growth, Regulatory Relief, and Consumer Protection Act – Cenlar has identified the portions of the rule that impact our servicing operation. Compliance with Section 304/Protecting Tenants in Foreclosure reinstatement, Section313/SCRA permanent provisions, and Section 301/Protecting Consumers’ Credit has been confirmed. Additional pieces of the legislation will be implemented in accordance with the bill.
  • Washington Bills: WAC 208-620 – This legislation may be of interest to our clients regulated by Washington’s Department of Financial Institutions.  WAC Section 208-620-520 was amended to state that servicing agreements must be maintained in the servicer’s records.  Additionally, Cenlar has met the requirements surrounding the electronic system for borrowers or their housing counselors to check the status of a modification request.

Any questions related to the monthly summary, overview process, or specific regulatory change items can be sent directly to compliancechgmngt@cenlar.com and the Compliance Department will respond within 2 business days of receipt (excluding weekends and holidays).