Description
40min | Credits: 1 CRCM
Covers specific requirements for when servicers can purchase force-placed insurance, what guidance exists for fees, how servicers seek repayment of advanced premiums, and how servicers handle loans with force-placed insurance in foreclosure and the cancellation of force-placed insurance when it is no longer needed.
Audience: Anyone performing duties in consumer mortgage servicing areas devoted to asset securitization.
Learning Objectives
After completing this course, students will be able to:
This course is part of the ABA Frontline Compliance program.
- Identify to which loans the mortgage servicing rules’ force-placed insurance requirements apply and what insurance types constitute force-placed insurance
- Describe how the mortgage servicing rules address FDCPA liability pertaining to debt collection
- Explain the mortgage servicing rules’ notice requirements for force-placed insurance
- Describe the mortgage servicing rules’ requirements that pertain to handling force-placed insurance transactions
This course is part of the ABA Frontline Compliance program.