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Servicing Solutions

Default servicers can expect big changes this year. The Consumer Financial Protection Bureau (CFPB), along with other federal and state regulatory agencies, is targeting much of their rulemaking efforts on default servicing.

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Vendors: There’s Still Time to Prepare for HMDA

(Published July 25, 2017) Financial institutions are under the gun to meet a fast-approaching deadline to start gathering additional information about their loans and borrowers under the Home Mortgage Disclosure Act (HMDA). While organizations should have already started preparing for the changes, there is still time to make the deadline if you act quickly.

The FCA re-visits the compliance Chamber of Horrors, pension transfers in CP 17-16

(Published July 25, 2017) Pension transfers are the nightmare subject of financial services compliance. Practitioners and regulators with memories of the 1990s recall the enormous amounts of compensation and administrative time and expensive incurred in trying to unravel some appalling financial recommendations given to transfer out of occupational schemes. Yet, even after the disappearance of commission for advised transactions following the Retail Distribution Review, this subject continues to offer substantial pots of money from which financial advisers may feast by offering advice services going forward on the basis of a percentage of the fund concerned. On top of this, as the Thematic Review in 2014 illustrated, the use by employers of incentives to transfer, in attempts to reduce pension scheme liabilities, and a recent bond bull market which has generated weirdly high transfer values have added further temptations. Pension transfers are the classic high risk/high reward business. Adam Samuel reports.

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