Mortgage Lending and Servicing in the Wake of COVID-19
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Learn and prepare for changes in mortgage lending and servicing with challenges from COVID-19 in mind.This topic will focus on the mortgage industry and where it has been and where it is going in the wake of COVID-19. Learn about the basics of mortgage servicing and lending, including what roll a servicer plays on a borrower's mortgage and its relationship with the investor. Become knowledgeable or get a refreshed course in the mortgage crisis of 2008 and how that affected servicing today, including the creation of the CFPB, stricter lending requirements and regulations. The material will mainly discuss the topic at hand, where are servicers today and what are the issues servicers are facing and will face in light of COVID-19? Ultimately, what does this mean for a post-COVID-19 servicing/lending world?
AuthorsChristopher DeNardo, Shapiro & DeNardo Keri P. Ebeck, Bernstein-Burkley, P.C. Keila Estevez, Bernstein-Burkley, P.C. Michael McCormick, McCalla Raymer Liebert Pierce, LLC
Faiq Mihlar, Heavner, Scott, Beyers, & Mihlar
Mortgage Servicing History and Basics
• What Is the Purpose of Mortgage Servicing?
• How Does Mortgage Servicing Work?
• What Is the Relationship With the Mortgage Servicer, Lender and Investor?
• Prior to 2008, How Did Mortgage Servicing Work?
Mortgage Servicing in 2008
• What Happened in 2008?
Mortgage Servicing Post-2008
• Stricter Laws and Guidelines, Consumer Financial Protection Bureau
• How Did Servicing Change After 2008?
• Loan Modifications
COVID-19 Mortgage Servicing Hurdles
• Default and Forbearance Agreements
• Avoiding a Bailout to Mortgage Servicers
- Reserve of Cash to Pay Investors
• Preparing for Potential Mass Defaults on Loans
Where Do Servicers and Their Counsels Go From Here?
• Preparation for Defaults, Loan Modifications and Bankruptcies
• Best Practices