Presented by Maine Attorneys Saving Homes (MASH), a joint project of Pine Tree Legal Assistance and Volunteer Lawyers Project. Co-sponsored by the Maine State Bar Association.
Understanding the new Mortgage Servicing Rules issued by the Consumer Financial Protection Bureau (CFPB) that became effective January 10, 2014 is essential if you represent homeowners or creditors in foreclosure actions, or are mediating foreclosure cases. These new federal rules implement the Dodd-Frank Act amendments to the Real Estate Settlement Procedures Act and the Truth in Lending Act. This three hour training will cover the effect of the new rules on Maine's foreclosure process, exemptions to the rules, servicer's obligations regarding loss mitigation procedures and borrower's right to appeal. Borrower inquiries to the servicer now known as "Notice of Error" and "Requests for Information" will be discussed. The training will also include amendments regarding force-placed insurance, periodic billing statements, notice of interest rate adjustments, crediting of mortgage payments, and servicer responses to requests for payoff statements. Presented by Diane Cipollone, Director of Training at the National Fair Housing Alliance in Washington, DC and Volunteer Attorney at Pine Tree Legal Assistance, Inc.