TOMORROW: Keep a lid on your servicing liability

Flagstar Bank will pay $37.5 million in fines and another $4 million in related costs to close out a CFPB enforcement action related to its servicing practices. Ocwen has announced it will set aside $100 million for a likely servicing settlement with the New York Department of Financial Services. How can you keep a lid on your servicing liability? An Inside Mortgage Finance Webinar Shielding Your Servicing Guarding Against Regulatory Action TOMORROW: Tuesday, Nov. 18, 2:30 pm ET Hear from these experts: Allyson Baker Partner Venable   Kirk D. Jensen Partner BuckleySandler   Steve Kaplan Financial Services Practice Area Leader K&L Gates Ever since the foreclosure crisis, the handling of mortgage servicing has been under the regulatory spotlight. Banking regulators, state regulators and most recently the Consumer Financial Protection Bureau are all ramping up their scrutiny of mortgage servicers. And while a major new mortgage servicing rule just took effect earlier this year, some firms are learning the hard way that they may have servicing liability going back years. As a result of a recent CFPB enforcement action, Flagstar Bank will pay $37.5 million for unfair treatment of borrowers seeking loss-mitigation options. The action is notable because the CFPB used its authority to penalize unfair practices in order to find fault with activities that ran afoul of the servicing rules, but that occurred before the rules were in effect. The bureau also has effectively taken Flagstar out of the default servicing business, barring it from taking on any new servicing for defaulted loans and requiring it to hire subservicers whenever a third-party loan it currently serves goes into default. The CFPB is not the only regulator scrutinizing servicers for their treatment of borrowers. And more actions – and settlements – are expected in the months ahead. Join Inside Mortgage Finance on Tuesday, Nov. 18, at 2:30 pm ET, for “Shielding Your Servicing: Guarding Against Regulatory Action” and learn more about how the CFPB and other regulators are pursuing perceived servicing violations and how you can minimize your chances of being the next company facing a settlement. Among the topics we’ll cover during the 90-minute webinar: What tools, besides the 2014 servicing rules, can the CFPB use as part of an enforcement action? Can you protect yourself from the CFPB’s retrospective scrutiny? How big a threat do state regulators pose to mortgage servicers? What should you be doing to doublecheck that your existing systems and practices are in compliance? What additional steps do you need to take to also stay clear of the Federal Trade Commission and state regulators? Which parts of the servicing business should you avoid in order to lessen your oversight risk? Get the latest advice on minimizing your servicing oversight risk. Not available on Nov. 18? Order the recording and watch on your own schedule. Your Webinar registration includes these added benefits: Webinar attendance for you and your entire team; A webinar manual with a program outline, speaker bios and presentations, and pertinent articles on the subject from Inside Mortgage Finance and our other newsletters; A full transcript, emailed to you when you take our post-conference survey; and The opportunity to connect with any or all of the speakers during the audience Q&A session—a favorite part of these events. You will receive an email confirmation shortly after completing your registration. You may also contact us at (301) 951-1240. Two Ways to Register: 1. REGISTER ONLINE 2. REGISTER BY PHONE: Call Erika at 800-570-5744 or 301-951-1240. Our Customer Service representatives can answer any questions and register you in minutes. For one low rate you and your entire staff (in one room) can participate in this exclusive Inside Mortgage Finance webinar without ever having to leave your office. You'll come away with firsthand, actionable information. NOTE: Call for discounted rates for multiple sites. What Is a Webinar? It is a live event in which you listen to presenters either through your phone or through your computer while viewing their presentations online.

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