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Loss Mitigation Strategies

Learn how to effectively and quickly implement your loss mitigation programLoss 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.


Runtime: 65 minutes
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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.

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 course was last revised on August 23, 2018.

Call 1-866-352-9540 for further credit information.

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

Audio & Reference Manual

  • Arizona CLE 1.0
     
  • CA MCLE 1.0
     
  • CT CLE 1.0
     
  • GA CLE 1.0
     
  • HI CLE 1.0
     
  • IL CLE 1.0
     
  • ME CLE 1.0
     
  • MT CLE 1.0
     
  • NJ CLE 1.2
     
  • NV CLE 1.0
     
  • NY CLE 1.0 including Areas of Professional Practice 1
     
  • VT CLE 1.0
     
  • WA CLE 1.0
     
  • WV MCLE 1.2
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

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

MP3 Download

  • Arizona CLE 1.0
     
  • CA MCLE 1.0
     
  • CT CLE 1.0
     
  • HI CLE 1.0
     
  • IL CLE 1.0
     
  • ME CLE 1.0
     
  • MT CLE 1.0
     
  • NJ CLE 1.2
     
  • NV CLE 1.0
     
  • NY CLE 1.0 including Areas of Professional Practice 1
     
  • VT CLE 1.0
     
  • WA CLE 1.0
     
  • WV MCLE 1.2
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

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

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More Program Information

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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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.

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Pay once and get a full year of unlimited training in any format, any time!

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  • State Specific Credit Tracker
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Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 403889
Published 2018
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