As existing regulations are revised and new regulations are published existing procedures need to be updated. Procedure Updates are designed to simplify the task of updating existing procedures, regardless of where the existing requirement is lodged. Procedure Updates include operating procedures, controls and audit procedures. Each set of procedures are completely customizable. You may add the name of the financial instruction, the name of the person responsible for taking action, or make any other needed changes.
On August 4, 2016 the Consumer Financial Protection Bureau (CFPB) published revisions to the Dodd-Frank rules for servicers known as the 2016 Mortgage Servicing Rules. Those rules were originally effective on January 10, 2014. The CFPB issued proposed amendments in November 2014. Most of the provisions of the final rule will take effect on October 19, 2017. The provisions relating to successors in interest and the provisions relating to periodic statements for borrowers in bankruptcy will take effect on April 19, 2018.
The 2016 Mortgage Servicing Amendments Procedures Update contains an overview of the new requirements, a regulatory citation, the effective date, and includes operating procedures, control procedures, and audit procedures.
Compliance Resource also offers a comprehensive 2016 Mortgage Servicing Amendments compliance management system (CMS) which includes all products on the 2016 Mortgage Servicing Amendments at a reduced price than purchasing each product individually. To view, refine search in Marketplace to