Amy Davis – Moderator.
During the last 18 months, the landscape of the mortgage servicing industry has changed dramatically. In the wake of the foreclosure documentation crisis, Federal Banking Regulators entered in consent Orders with 15 servicers, the OCC issued guidance regarding servicing expectations, the CFPB has issued its servicing examination guidelines, and mostly recently, five major servicers entered into the largest joint state-federal settlement in mortgage servicing history. The federal-state settlement totals $25 billion and sets forth servicing best practices likely to shape business requirements for other mortgage servicers in the future.
A panel of experts, including former Arizona Attorney General Terry Goddard, BuckleySandler Partners Andrew Sandler and Jonice Gray Tucker, discussed servicing developments over the past 18 months, including the new servicing standards. The panel provided highlights of the settlement terms and how it has and will impact best practices for the entire industry.