Background: There are dramatic changes to the national mortgage servicing rules affecting lenders and servicers with loans in bankruptcy. Initial changes re early intervention were effective in October of last year. Bankruptcy periodic payment statement changes are effective 4.19.18!
Loss mitigation and periodic statement communications are now mandated to borrowers in bankruptcy. This will result in costly lawsuits and class action liability to covered lenders who communicate wrongfully or inaccurately. The interaction of FDCPA limitations and charge off restrictions with the new rules mandate comprehensive planning and implementation. This last chance review will help you avoid costly mistakes.
Overview of Webinar:
Overview of early intervention changes enacted on 10.19.17, and upcoming changes re periodic statements in bankruptcy, effective April 19, 2018.
Failure to prepare will result in costly lawsuits.
Which lender/servicers are covered for the changes?
Early Intervention Requirements:
Live and Written Contact Requirements: Covered lender/servicers are now required to communicate with delinquent borrowers after a bankruptcy is filed. How to comply without violating the automatic stay.
Impact of the FDCPA on Communications: What about a borrower that sends you an FDCPA cease and desist advisement? Do you still need to comply with early intervention rules?
Successor Claims: Learn when you must communicate early intervention information to a deceased borrower’s successors.
Overview: Covered lender/servicers are now required to send detailed periodic statements. These statements can and will be used against you. Stay violations will occur if you do not account properly.
Chapter 13 an In-depth Review: Must give a month to month accounting on pre-and post-filing payments.
Are you exempt from providing statements because of what the borrower has proposed in the bankruptcy?
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