twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
Servicing News | Servicer Ranking | Delinquency Statistics
Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.


Servicers Subject to New Rules on Bankrupt Accounts

Federal Rules of Bankruptcy Procedures changed

Nov. 30, 2011

By MortgageDaily.com staff


Mortgage servicers will be subject to new rules tomorrow on mortgages with borrowers who have filed bankruptcy.

Changes to the Federal Rules of Bankruptcy Procedure are scheduled to go into effect on Dec. 1. The rules change the policies and procedures for servicing loans in bankruptcy. They are also expected to enhance transparency in the process.

LoanServ has been updated to ensure that servicers maintain compliance with the new rules, according to an announcement Wednesday from the developer of the servicing technology, Fiserv.

"The Federal Rules of Bankruptcy Procedure changes govern the filing of proofs of claim and notice issues related to payment changes, post-petition fees and other accuracy checks to actions and data of the servicer," the statement said. "For instance, the new proof of claim form requires the servicer to attach a statement itemizing interest, fees, expenses and charges included in the claim along with the amount to cure the default and an escrow account statement prepared as of the date of the petition."

Fiserv said it evaluated its system's capabilities to account for items such as proof-of-claim shortages, payment changes and escrow disbursements made before the effective date chosen by each client. It also evaluated the system's ability to account for the date that fees, expenses and charges are incurred.

Joe Dombrowski, mortgage strategist for the Mortgage Daily advertiser, explained in the news release that the Brookfield, Wis., company has already taken steps to educate its clients and help them adapt to the changes.

Fiserv clients reportedly include small mortgage servicers as well as top-five servicers.

next story

back to current headlines


Mortgage Lawsuits News | Mortgage Litigation Index
Mortgage industry lawsuit news and mortgage litigation coverage. Stories about legal settlements, judgments and mortgage class actions.


Mortgage Technology news
Technology news for originators, executives and servicers. Coverage of LOS systems, loan product and p r i c i n g engines and other technology offered to the mortgage industry.


Logout forgot
password?

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders