It was only a matter of time before the Consumer Financial Protection Board flagged somebody for running afoul of its suite of nine new servicing rules that went into effect last January. The first victim turned out to be Flagstar Bank, which was fined $37.5 million. They won't be the last, either.
The CFPB in its wisdom has proposed some additions to its nine rules and it remains to be seen what the ramifications of those are. But it's clear that servicing executives need clear and timely advice on how to navigate a constantly changing environment. SourceMedia's 2015 Mortgage Servicing Conference is just such a vehicle. Unless $37.5 million is petty cash for your company, you will want to be there!
Defaults finally seem to be on the wane but there's a whole new servicing environment with three non-banks now in the top ten servicers in the country. They've taken aim at the Big Three (Wells, Chase, Bank of America) but the bigs continue to control a hefty 46% share of the market. One or another of these trends will end up winning the inevitable clash and survivors will need to adapt to the new dynamic.
MSC 2015, which will be held in Dallas on April 22-25, will be loaded with speakers and sessions that will speak to the new world order. Banks, non-banks, regulators, automation firms will all be in the mix to deliver actionable intelligence. You don't want to miss it!