IBA Compliance Connection

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We collect our own debts for residential home loans, and we are a large servicer for purposes of the CFPB’s mortgage servicing rules. Can you recommend any training resources on Regulation X and Regulation Z as they apply to loss mitigation? We would like to develop our staff’s ability to make critical assessments of loss mitigation situations. Any resources for developing related soft skills, such asking probing questions, also would be useful.

Oct 10, 2019

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We can recommend a Total Training Solutions (TTS) webinar focusing on Regulations X and Z as they apply to the 2017 revised mortgage servicing rules and a webinar on mortgage servicing compliance that covers loss mitigation options, applications, and processes. Also, the American Bankers Association (ABA) provides a webinar on mortgage servicing and loss mitigation.

For soft skills, we can recommend a TTS webinar on soft skills that covers communication and influencing skills and an ABA online class on communication basics that covers developing effective questioning and confirmation skills. Links for our recommendations are below.

For resources related to our guidance, please see:

TTS, Regulations X and Z – 2017 Revised Servicing Rules (June 21, 2017) (“This new final rule clarifies, revises, or amends provisions regarding: Force-placed insurance notices, policies and procedures, early intervention, and loss mitigation requirements under Regulation X’s servicing provisions. . . . Covered Topics: . . . Major rework of loss mitigation rules.”)

TTS, Mortgage Servicing Compliance (November 1, 2018) (“Covered Topics: . . . Loss mitigation options, applications, and processes . . .”)

ABA, Mortgage Servicing: Loss Mitigation (updated June, 2019) (“Description: Covers the conditions for a loss mitigation application receipt and obligations of forbearance and repayment plans, and the requirements for providing a notice of complete application and denial circumstances. Identifies how a determination notice is used for a loss mitigation offer, conditions for acceptance or rejection, and conditional non-home options. Audience: Anyone performing duties in consumer mortgage servicing areas who have live contact with borrowers.”)

TTS, Increase Your Hard Numbers by Managing Your Soft Skills (October 15, 2018) (“Covered Topics: . . . Methods and techniques to: . . . Build powerful communication and influencing skills . . . Manage conflict productively and constructively . . .”)

ABA, Communication Basics (“This suite of three courses* explores the primary elements of effective communications, a key component for delivering good customer service. Completing this series provides tips and tactics for becoming an active listener, developing effective questioning and confirmation skills, and understanding the importance of body language in communications.”)