K&L Gates Webinar: Mortgage Loan Servicers and Affiliated Service Providers – What are the Rules?
By: Holly Spencer Bunting, Kristie D. Kully, Kerri M. Smith, Nanci L. Weissgold
No one said it was going to be easy to be a servicer of residential mortgage loans.
The current scrutiny of servicing practices is at a fever pitch. Recently, one focus of federal and state officials has been on enforcing the broad array of laws, regulations, and other requirements applicable to a servicer’s engagement of affiliated service providers. In particular, regulators are increasingly interested in the reliance by servicers upon affiliated service providers, and the perception that the servicer may have conflicts of interest or is self-dealing. In fact, regulators such as New York State Department of Financial Services Superintendent Benjamin Lawsky are becoming significant obstacles to the transfer of mortgage servicing rights in certain cases, probing into compliance failures in past servicing practices and potential conflicts of interest with affiliated service providers.
In this webinar, members of the K&L Gates Consumer Financial Services group will discuss the broad array of laws and regulations applicable to a servicer’s engagement of affiliated and non-affiliated service providers, including requirements imposed by Fannie Mae and Freddie Mac, the 2012 National Mortgage Settlement with the country’s largest servicers, the Federal Housing Administration, state law, and, of course, the Consumer Financial Protection Bureau.
We will leave time at the end of the webinar for a question and answer period.
To register for this webinar, please click here.