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Dodd-Frank: Servicing and Risk Retention
IMF Publications, Dec 2010
The massive Dodd-Frank Wall Street Reform and Consumer Protection Act delivers a “cradle-to-grave” rewrite of laws affecting all stages of the mortgage process, and while much attention focuses on the changes impacting mortgage originations, a significant part of the new law covers mortgage servicing and mortgage securitization.
Find out what Dodd-Frank means for mortgage servicers and the secondary market at the latest in a series of webinars from Inside Mortgage Finance. Listen to this webinar to learn about the Title XIV provisions that impose new duties on mortgage servicers as well as the Title IX provisions that establish new risk-retention requirements for mortgages going into securities. Hear from two of the top legal experts in the country on what these major provisions could mean for you and your firm.
While mortgage servicers currently are wrestling with loan modification and foreclosure issues, Dodd-Frank quietly imposes a comprehensive set of federal requirements – covering everything from escrow accounts to loan modifications – that now include federal liability for failing to comply. Some of the provisions are industry practices while others are not. Learn what servicers will need to do – and when – to comply with the new rules.
Mortgage securitization, particularly the originate-and-sell model, has been criticized for fueling the mortgage crisis. Dodd-Frank takes clear aim at this issue by establishing new “skin-in-the game” requirements meant to discourage sloppy mortgage underwriting. But the risk-retention rules, which cover 'sponsors' of mortgage originators and securitizers, could dramatically impact the nonconforming mortgage market going forward. It could also force most lenders and secondary market players to embrace the “plain vanilla” mortgage product regardless of consumer preferences. Discover what this new environment may mean for the mortgage business and securitization.
Inside Mortgage Finance’s Dodd-Frank: Servicing and Risk Retention webinar answered questions like these:
- What is the connection between “qualified residential mortgages' and risk-retention provisions?
- How can lenders stay in compliance with new timelines regarding “qualified written requests?”
- What are the differences with proposed safe harbor rules from the DFA, the FDIC and the SEC?
- What must securitizers disclose about their loans and what rating agency disclosures will require?
- Which prohibitions significantly raise the stakes for violations of RESPA?
- Which securitizations are excluded from credit risk-retention requirements?
- Activities that constitute a “material conflict of interest” as opposed to those that should be restricted
- Why some Fannie/Freddie pools will fail to qualify for reduced risk-retention?
- Which loans are subject to escrow disclosures and force-placed insurance requirements?
- What escrow requirement does the loan documents have to specify?
- Which disclosures and technical violations of disclosures have more litigation risk?
- What is a borrower’s new motivation to sue to prevent foreclosure under the new rules?
- What HAMP data are being collected and analyzed, per Congressional mandate?
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