Mortgage Servicing Toolkit
This Toolkit contains resources to help financial institutions ensure that their residential mortgage loan servicing activities comply with federal consumer financial laws. In particular, this Toolkit includes resources to help institutions comply with the Dodd-Frank requirements concerning disclosures, error resolution, loss mitigation and foreclosure.
A financial institution that services residential mortgage loans must comply with federal consumer financial laws. These laws include Title XIV of the Dodd-Frank Act ( www.practicallaw.com/4-502-8619) , known as the Mortgage Reform and Anti-Predatory Lending Act, which amended the Real Estate Settlement Procedures Act ( www.practicallaw.com/1-543-8665) and the Truth in Lending Act ( www.practicallaw.com/6-543-4047) . In particular, the regulations impose strict loss mitigation and foreclosure timelines in the event of delinquency and default, as well as extensive requirements regarding disclosures, continuity of contact and error resolution.
This Toolkit provides resources to assist financial institutions with understanding and implementing the regulatory changes governing residential mortgage loan servicing.