Error Resolution, Information Requests and Direct Access/Continuity of Contact with Servicer Personnel

November 20, 2014 11:20am

Mathias (“Matt”) Hunoval
The Hunoval Law Firm &
Member, North Carolina State Banking Commission

Jan A. Zemanek
General Counsel
Kondaur Capital Corporation

Greg Kuroda
Vice President/Assistant Counsel - Legal and Compliance
Cenlar FSB

Lauren E. Campisi
Member
McGlinchey Stafford PLLC

• Implementing and maintaining reasonable procedures to verify credit information and correct mistakes
• Understand what constitutes a notice of error or information request
• Determine which errors are covered errors and which are included in the catch-all provision
• Know the proper response time for acknowledgement of receipt of error or information request
• Find out the requirements to complete and settle an investigation
• What kind of reporting requirements are there to the state (if you are a servicer of a loan; if you are a sub-servicer of a loan)
• Learn what factors determine if the notice of error or information request is not applicable, duplicative, overbroad, or untimely
• Get the specifics on what the notice to the borrower needs to include
• Servicing rules place new requirements on servicers to ensure direct access to servicer personnel and continuity of contact
• How to implement and maintain the best system, policies and procedures to effectively ensure direct access and continuity of contact
• Taking a look at the recent Mississippi lawsuit against Experian