Buckley Sandler Webcast: Deconstructing the Federal-State Servicing Settlement: An Analysis of the New National Servicing Standards and How They May Impact Your Institution
Jonice Gray Tucker and Jeffrey Naimon presented a Buckley Sandler webcast on March 21, 2012 entitled, "Deconstructing the Federal-State Servicing Settlement: An Analysis of the New National Servicing Standards and How They May Impact Your Institution."
The mortgage servicing landscape has shifted dramatically over the past year, most recently with the filing of the largest joint state-federal settlement in history on March 12, 2012. The landmark settlement, which included numerous federal regulators and 49 State Attorneys General, marks the culmination of inquiries relating to alleged servicing deficiencies by five of the largest major servicers. In addition to providing for approximately $26 billion in monetary relief, the settlement sets forth a set of business practices expectations which federal and state officials are expected to hold out as national servicing standards. These business requirements can be anticipated to set the tone for expectations of other mortgage servicers as we look ahead.
This Buckley Sandler webcast reviewed the terms of the settlement and in particular the new servicing standards. It further discussed what the terms mean for the settling parties, the impact the settlement will have for other servicers, and what mortgage market participants should expect next from federal and state authorities. The webinar also provided a recap other servicing developments over the past year.