Mortgage Servicing: Force-Placed Insurance
Course Number: ABA
Course Code: ABA
Covers specific requirements for when servicers can purchase force-placed insurance, what guidance exists for fees, how servicers seek repayment of advanced premiums, and how servicers handle loans with force-placed insurance in foreclosure and the cancellation of force-placed insurance when it is no longer needed.
After completing this course, students will be able to:
-Identify to which loans the Servicing Rules force-placed insurance requirements apply and what insurance types constitute forced-placed insurance
-Describe how the Servicing Rules address FDCPA liability pertaining to debt collection
-Explain the Servicing Rules’ notice requirements for force-placed insurance
-Describe the Servicing Rules requirements that pertain to handling force-placed insurance transactions
Audience: Anyone performing duties in consumer mortgage servicing areas devoted to asset securitization.