How to comply intelligently with Regulation X.

If you are a regulated bank or non-bank mortgage servicer under CFPB supervision, new Regulation X servicing rules apply to you. A key provision of the new rules all but requires mortgage portfolio segmentation by the likely future performance of individual loans. 

To determine which loans in a portfolio are conclusively non-performing and which can be reworked to re-perform and return future earnings, you need to know loan-level facts like:

  • Current loan status
  • Loan history
  • Ownership obligations and capabilities

Why CoreLogic? Our comprehensive array of regulatory tools includes:

  • Industry-leading mortgage, property, ownership data
  • Trustworthy mortgage portfolio analysis and performance modeling
  • Various loan-level portfolio reports at a wide range of price points

Our Advisory Services teams can help you define the data and analysis that's right for you, generate the fact-based information you need, and turn it into timely Reg X compliance. 

Benefit from end-to-end capabilities:

  • Client-customized servicing reg solutions
  • Expertise in current Regulation X, other regulatory compliance
  • CoreLogic real estate, home price, mortgage, ownership data
  • Cost-effective, multi-option lien analyses
  • Fast turn times (option-dependent)

 

 

 

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CoreLogic provides solutions to aid in the compliance with regulations. 

 

Lien Report & Lien Report Lite

Provide a combination of client provided data with credit and public record databases to help determine outstanding voluntary liens on a subject property originated by the borrowers. 

Property Ownership Report

Combines credit and public data to match liens directly to a property and identify whether or not the liens are still active to provide the current lien data, i.e. servicer, status and current balance. 

                                                                                                            

Less Expensive, Quick          More Expensive, Slower

 

Lien Report Lite Lien Report Property Ownership Report Title Report*
$4 / property $6 / property $95 / property $175 - 250 and up
24-48 hours 24-48 hours 5-7 days 2+ weeks
       
Public Records Data Public Records Data Public Records Data Same as Property Ownership Report
Ownership Check Ownership Check Involuntary Liens Title Insurance
Foreclosure Check Foreclosure Check Manual Abstracting  
Bankruptcy Data Bankruptcy Data Recordable Legal  
Involuntary Liens (optional) Involuntary Liens (optional) Tax Information  
AVM & Equity Analysis (optional) AVM & Equity Analysis (optional) Credit Data (optional)  
  Credit Data (Lien Info, Tradelines, FICO, etc.)    

*Title Report not available from CoreLogic. Shown for comparison purposes only. 

Our Advisory Services team is ready to provide targeted servicing reviews by performing on-site assessments of servicer's operations to identify pain points and present solutions to aid in regulatory compliance. 

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What is Regulation X?

Regulation X implements Real Estate Settlement Procedures Act of 1974 (RESPA) which falls under the regulatory oversight of the Consumer Financial Protection Bureau (CFPB). Scope has been expanded into the Mortgage Servicing space.

What did the changes from January 10, 2014 consist of?

The changes address servicers obligations to correct errors, provide information and provide protection in regards to force-placed insurance for borrowers. 

In addition, a servicer's obligations to establish reasonable policies and procedures to achieve certain delineated objectives:

  • provide information about mortgage loss mitigation options to delinquent borrowers
  • Establish policies and procedures for providing delinquent borrowers with continuity of contact with servicer personnel capable of performing certain functions
  • Evaluate borrower's applications for available loss mitigation options

Who is affected?

All regulated bank and non-bank mortgage servicers under the supervision of the CFPB. Servicers must have necessary resources in place to ensure compliance. 

 

Find out more

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