Nanci Weissgold, partner in Alston & Bird’s Financial Services & Products Group and a co-leader of the Consumer Finance Regulatory Compliance team, along with senior associate Morey Barnes Yost and associate Kendall Stensvad, updated a resource guide to help mortgage loan servicing attorneys and compliance professionals comply with the Consumer Financial Protection Bureau's final amendments to its mortgage servicing rules. Many provisions went into effect on October 19, 2017; others take effect in 2018.
Published by the Mortgage Bankers Association (MBA), MBA Compliance Essentials CFPB's Mortgage Servicing Rules Resource Guide includes more than 300 pages of in-depth guidance on the CFPB Mortgage Servicing Rules, updated for the 2016 amendments. It also includes topical checklists to help assure a compliant servicing function.
Additionally, Weissgold and Margaret Scott, partner in Alston & Bird’s Wealth Planning Group, updated Successor In Interest - State Level Reports, a state-by-state report that helps servicers understand documents that are required to verify a successor in interest's status in each state. The requirements for handling both potential and confirmed successors in interest, effective on April 19, 2018, are one of the more challenging elements of the 2016 updates to the CFPB’s Mortgage Servicing Rules.