2nd National Legal Guide to

Mortgage Servicing

Implementing New Industry Standards Post-Fairbanks - Practical Strategies for Reducing Legal Risks

Tuesday, November 09, 2004

About

Will your servicing processes withstand the intense scrutiny of the FTC, HUD, OCC, plaintiffs' attorneys and consumer advocates?

Do your servicing methods measure up to the Fairbanks and Ocwen standards? Now that servicing in the non-prime market has become the major concern of the FTC, HUD, banking regulators, consumer advocacy groups and state enforcement officials, it is imperative that lenders and servicers enact their own "best practices" servicing models in order to avoid class action suits and liability on the federal and state level, as well as executive liability. With penalties and settlements reaching the tens of millions of dollars, and the harmful impact of the downgrading of MBSs and servicing companies, the costs of not being fully informed are enormous.

American Conference Institute has updated The Legal Guide to Mortgage Servicing to provide you with an intensive and focused assessment of what Fairbanks and Ocwen will mean for your company, and what steps you must take to ensure fully compliant servicing standards.

Senior industry insiders from Ameriquest Mortgage Company, Fairbanks Capital Corporation, Fannie Mae, Freddie Mac, Fitch Ratings, GMAC Mortgage, Moody's Investors Service, and New Century Mortgage Corporation, as well as consumer advocates from the National Community Reinvestment Coalition, National Home Equity Mortgage Association and the National Fair Housing Alliance who will give their expert advice on:

• The latest regulations from the FTC, HUD, FDIC and OCC
• New structures and models for payment, acceleration, and force-placed insurance
• Implementing post-Fairbanks and Ocwen processes for charging fees, disclosures and disputes
• How Fairbanks and Ocwen impact the secondary market
• Creating a first-rate internal compliance environment
• Identifying conflicts of interest when dealing with third party mortgage servicers
• How servicers can protect themselves from potential class action suits

Contents & Contributors

About

Will your servicing processes withstand the intense scrutiny of the FTC, HUD, OCC, plaintiffs' attorneys and consumer advocates?

Do your servicing methods measure up to the Fairbanks and Ocwen standards? Now that servicing in the non-prime market has become the major concern of the FTC, HUD, banking regulators, consumer advocacy groups and state enforcement officials, it is imperative that lenders and servicers enact their own "best practices" servicing models in order to avoid class action suits and liability on the federal and state level, as well as executive liability. With penalties and settlements reaching the tens of millions of dollars, and the harmful impact of the downgrading of MBSs and servicing companies, the costs of not being fully informed are enormous.

American Conference Institute has updated The Legal Guide to Mortgage Servicing to provide you with an intensive and focused assessment of what Fairbanks and Ocwen will mean for your company, and what steps you must take to ensure fully compliant servicing standards.

Senior industry insiders from Ameriquest Mortgage Company, Fairbanks Capital Corporation, Fannie Mae, Freddie Mac, Fitch Ratings, GMAC Mortgage, Moody's Investors Service, and New Century Mortgage Corporation, as well as consumer advocates from the National Community Reinvestment Coalition, National Home Equity Mortgage Association and the National Fair Housing Alliance who will give their expert advice on:

• The latest regulations from the FTC, HUD, FDIC and OCC
• New structures and models for payment, acceleration, and force-placed insurance
• Implementing post-Fairbanks and Ocwen processes for charging fees, disclosures and disputes
• How Fairbanks and Ocwen impact the secondary market
• Creating a first-rate internal compliance environment
• Identifying conflicts of interest when dealing with third party mortgage servicers
• How servicers can protect themselves from potential class action suits

Contents & Contributors

FEDERAL REGULATION AND ENFORCEMENT UPDATE: NEW MANDATES FOR SERVICING
Brad Blower, Federal Trade Commission

FEDERAL REGULATION AND ENFORCEMENT UPDATE: NEW MANDATES FOR SERVICING
Jim Sheehan, U.S. Attorney's Office

STATE INITIATIVES ON MORTGAGE SERVICING
Laurence E. Platt, Kirkpatrick & Lockhart LLP

STATE INITIATIVES ON MORTGAGE SERVICING: NORTH CAROLINA'S EXPERIENCE
Joseph A. Smith, Jr., North Carolina Office of the Commissioner of Banks

ANALYZING SERVICING FEES
Jeff Naimon, Buckley Kolar LLP

FEES, DISCLOSURES AND DISPUTES: CREATING AND IMPLEMENTING POST-FAIRBANKS POLICIES
Stephen Ornstein, Thacher, Proffitt, & Wood LLP

FEES, DISCLOSURES AND DISPUTES: CREATING AND IMPLEMENTING POST-FAIRBANKS POLICIES – THE STATE LAW PERSPECTIVE
Loretta Salzano, Franzιn & Salzano PC

ESTABLISHING PAYMENT, ACCELERATION & FORCE-PLACED INSURANCE POLICIES: ADHERING TO THE LATEST GUIDELINES
John A. Moore, Larson King LLP

THIRD PARTIES AND AFFILIATED PROVIDERS: AVOIDING LIABILITY AND MANAGING CONFLICTS
Donald Lampe, Womble Carlyle Sandridge & Rice, PLLC
Jeff Naimon, Buckley Kolar LLP

WORKING WITH CONSUMER ADVOCATES ON SERVICING PRACTICES
Marc Loewenthal, New Century Mortgage Corporation

RISK MANAGEMENT IN MORTGAGE LOAN SERVICING AND COLLECTION
Andrew L. Sandler, Skadden, Arps, Slate, Meagher & Flom LLP
Benjamin B. Klubes, Skadden, Arps, Slate, Meagher & Flom LLP
Anand S. Raman, Skadden, Arps, Slate, Meagher & Flom LLP
David B. Leland, Skadden, Arps, Slate, Meagher & Flom LLP

MINIMIZING THE RISK OF LITIGATION
Thomas M. Hefferon, Goodwin Proctor LLP

FAIR LENDING LITIGATION AND AVOIDANCE
Joseph T. Lynyak, ReedSmith LLP

PROTECTING YOUR RATING: THE IMPACT OF SERVICING PRACTICES ON THE SECONDARY MARKET
John Ingram, Fannie Mae

TRENDS IN RESIDENTIAL MORTGAGE SERVICING PRACTICES
Jason Grohotolski, Moody's Investors Service

BEST PRACTICES ROUNDTABLE: ESTABLISHING AND IMPLEMENTING AN INTERNAL COMPLIANCE PROGRAM
Marc Loewenthal, New Century Mortgage Corporation

RESPONSIBLE SERVICING
Frank Madden, GMAC



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