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Federal Deposit
Insurance Corporation

Each depositor insured to at least $250,000 per insured bank

Directors' Resource Center
Technical Assistance Video Program

Mortgage Servicing Rules – Small Servicers

  1. Introduction
  2. Who is a Small Servicer?
  3. Servicing Rule Provisions That Apply to Small Servicers
  4. What are Some of the Challenges Facing Servicers in Meeting the Mortgage Servicing Rules’ Requirements?
  5. Tips for Complying with the Servicing Rules for Small Servicers / CMS Suggestions / Conclusion
I. Introduction
This segment introduces the third in a three-part FDIC video series covering compliance with mortgage-related rulemakings issued by the Consumer Financial Protection Bureau (CFPB).  This video series is designed for community bank compliance officers to help facilitate their understanding of how to comply with these rules.  This third video focuses on the Mortgage Servicing Rules with particular emphasis on those entities that qualify for the “Small Servicer” exemption.

Approximate run time 5:02

 

Link to YouTube Video

Presentation Materials - PDF


II. Who is a Small Servicer?
This segment sets forth which servicers are entitled to the Small Servicer exemption.  It also includes information on how to determine accurately whether a servicer qualifies for Small Servicer status, how to count mortgage loans that are to be included in the 5,000 cap, and when to count mortgage loans serviced.

Approximate run time 11:48

 

Link to YouTube Video

Presentation Materials - PDF


III. Servicing Rule Provisions That Apply to Small Servicers
This segment provides an overview of the Mortgage Servicing Rule provisions with which a Small Servicer must comply.  It also briefly talks about the Mortgage Servicing Rule provisions with which a large or non-exempt servicer must comply.

Approximate run time 17.57

 

Link to YouTube Video

Presentation Materials - PDF


IV.  What are Some of the Challenges Facing Servicers in Meeting the Mortgage Servicing Rules’ Requirements?

This segment discusses some specific challenges and questions about the Mortgage Servicing Rules that the FDIC has been hearing from its supervised banks as they implement the Rules, including the definition of delinquency, application of preemption, coverage of the ARM provisions, handling agent requests, use of sub-servicers, exclusion of flood insurance, oral information requests and notices of error, application of the Fair Debt Collection Practices Act, and coverage of HELOCs and of rural properties.

Approximate run time 7:38

 

Link to YouTube Video

Presentation Materials - PDF


V. Tips for Complying with the Servicing Rules for Small Servicers / CMS Suggestions / Conclusion

This segment the discusses some best practices for complying with the Mortgage Servicing Rules, gives some practical tips for incorporating Mortgage Servicing Rules compliance into a Compliance Management System, concludes the video, and provides a list of additional resources.

Approximate run time 16:48

 

Link to YouTube Video

Presentation Materials - PDF


 

 

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