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Live Webinar

60-minute live streaming program
  • August 23
  • 1:00 - 2:00 pm EST

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Audio & Reference Manual

Loss Mitigation Strategies

August 23

Learn how to effectively and quickly implement your loss mitigation program

Loss mitigation remains a work in progress for mortgage servicers. This is problematic because residential mortgage defaults are off record highs, but still remain high by historical standards. In addition, the Bureau of Consumer Financial Protection (CFPB)'s Mortgage Servicing Rules - which mandate detailed and complex loss mitigation procedures - are a focus of CFPB examination and enforcement efforts. For these reasons and others, a robust and effective loss mitigation program is critical to any business that engages in residential mortgage loan servicing. This topic will identify the goals of a successful loss mitigation program and the various types of loss mitigation prevalent in the market today. Learn how to implement those goals, provide an overview of current best practices in loss mitigation, and offer practical advice on how to successfully implement, manage and maintain an effective loss mitigation program. Defaulted loans are the bane of any servicing business, impacting investor relations, customer relations, risk management and above all cost. This information is critical for employees at every level of a servicing business, from officers and directors, to in-house legal staff, to the managers and employees of the loss mitigation department, to ensure that the entire organization knows how best to effectively and quickly implement your loss mitigation program.

Learning Objectives

- You will be able to define the different types of loss mitigation prevalent today.

- You will be able to explain how an effective loss mitigation program can help retain customers.

- You will be able to identify the technological and human resources needed to engage in effective loss mitigation.

- You will be able to review current loss mitigation procedures to see if they match up with best practices.

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Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Why Should I Care About Loss Mitigation?
  • Defaults Are off Record Highs, but Still Well Above Historical Average
  • Mortgage Servicing Rules Very Detailed Loss MIT Requirements Which Are a Focus of CFPB Examiners
  • Litigation Avoidance/Resolution
What Are the Goals of My Loss Mitigation Program?
  • Comply With the Law Brief Overview of MSR Re Loss Mitigation
  • Holistic Approach Loss Mitigation Starts Before Default
  • Retain Your Customer
How Do I Achieve Those Goals?
  • Excellent Technological and Human Resources Working Seamlessly
  • Broad Array of Loss Mitigation Options
  • Only Offer What You Can Effectively Process/Handle
  • Clear Documentary Requirements
  • Vendor Management/Relationships
  • Flexibility
Special Consideration for Loans in Contested Litigation
  • Loss Mitigation Is the Best Way of Settling a Lawsuit Early
  • Usually Means a Loan Modification, but Others Available as Well - Reinstatement, Loan Assumption, Short Sales
  • Have Different UW Requirements for Litigated Loans
  • Have Dedicated Support for Litigated Loans, and Don't Overwhelm Them
  • Provide a Channel for In-House Legal to Overcome Some Traditional Roadblocks to Loss Mitigation
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Live Webinar Registration

  • AL CLE 1.0
     
  • This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.0 hours credit.
     
  • AR CLE 1.0
     
  • This course has been approved for 1.0 hours of CLE by the Arkansas CLE Board.
     
  • Arizona CLE 1.0
     
  • The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. This activity may qualify for up to 1.0 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.0
     
  • Lorman Business Center, Inc. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.0 CLE hours of participatory credit.
     
  • CO CLE 1.0
     
  • This program may qualify for 1.0 credit hours through the Colorado Supreme Court Board of Continuing Legal and Judicial Education through reciprocity. This course is accredited in other jurisdictions such as New Jersey. To receive CLE credit for this program, a home study affidavit must be submitted to the Supreme Court Board of Continuing Legal and Judicial Education.
     
  • CT CLE 1.0
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.0 CLE credit(s).
     
  • GA CLE 1.0
     
  • This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.0 CLE hours.
     
  • HI CLE 1.0
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.0 CLE credit hours.
     
  • IL CLE 1.0
     
  • This course was approved for a total of 1.0 hours of MCLE Credit by the Illinois MCLE Board.
     
  • ME CLE 1.0
     
  • This course has been approved by the State of Maine Board of Overseers of the Bar. Lawyers who complete this course shall receive 1.0 hours of CLE credit under M. Bar R. 12.
     
  • MS CLE 1.0
     
  • This program has been approved by the Mississippi Commission on Continuing Legal Education for a maximum of 1.0 credit hours.
     
  • MT CLE 1.0
     
  • This program has been approved by the Montana Commission of Continuing Legal Education for a total of 1.0 CLE credits.
     
  • NH MCLE 1.0
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 60 Minutes.
     
  • NJ CLE 1.2
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.2 hours of total CLE credit.
     
  • NV CLE 1.0
     
  • This program has been approved by the Nevada Board of Continuing Legal Education for 1.0 CLE hours.
     
  • NY CLE 1.0 including Areas of Professional Practice 1
     
  • This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.0 credit hours in the area(s) of Areas of Professional Practice for 1.00 hour. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Business Center, Inc. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
     
  • PA CLE 1.0
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.0 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 1.0
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.0 hours of CLE credit.
     
  • TN CLE 1.0
     
  • This program has been approved as a distance learning format by the Tennessee Commission on Continuing Legal Education for a maximum of 1.0 hours of credit.
     
  • VT CLE 1.0
     
  • This program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.0 hours of CLE credit.
     
  • WA CLE 1.0
     
  • This program has been approved by the Washington State Board of Continuing Legal Education for 1.0 hours of Law & Legal Procedure credit.
     
  • WI CLE 1.0
     
  • This program has been approved by the Board of Bar Examiners for 1.0 hours for use toward the Wisconsin Mandatory CLE requirement.
     
  • WV MCLE 1.2
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 1.2 MCLE hours.
     
  • CPE 1.2 including Specialized Knowledge 1.2
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.2 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Specialized Knowledge for 1.2 hours. Prerequisite: basic knowledge of business financials. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     
  • Lorman Business Center, Inc. is a registered provider for CPA CPE through the State Education Department of New York, Sponsor number: 000640. The following course will carry the subject area of Specialized Knowledge and Applications for 1.0 hour.
     

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Who should attend?

This live webinar is designed for attorneys, credit and collection managers, presidents, vice presidents, directors, branch managers, lending professionals and accountants.

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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Thomas M. Hanson

Thomas M. Hanson

McGlinchey Stafford PLLC

  • Member in the Dallas office of McGlinchey Stafford PLLC
  • Practice encompasses all aspects of representation of consumer financial services companies, with an emphasis on litigation for residential mortgage servicers and originators
  • Co-editor of Practising Law Institute’s Consumer Financial Services Answer Book, and wrote “Residential Mortgage Servicing Chapter”
  • Frequent speaker at conferences and webinars sponsored by the ABA’s Consumer Financial Services Subcommittee, the Mortgage Bankers Association, the Practising Law Institute and the American Conference Institute
  • Licensed to practice in California, Michigan and Texas, as well as numerous federal district and appellate courts
  • J.D. degree, magna cum laude, University of California, Hastings College of the Law, San Francisco, CA; B.A. degree, University of Michigan, Ann Arbor, MI
  • Can be contacted at 214-445-2432 or thanson@mcglinchey.com
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Product ID: 403889
Published 2017, 2018
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