On April 3, 2021, the Consumer Financial Protection Bureau (CFPB) announced the end of federal Coronavirus Aid, Relief, and Economic Security (CARES) foreclosure moratoriums on August 31, 2021. CFPB asked Banks and Lenders to consider this a heads-up and prepare to comply with upcoming regulatory changes and CFPB guidelines. All of this while ensuring a smooth outreach process for distressed borrowers from August 31 through December 31 of 2021.There are at least 4M borrowers in forbearance who are at least 90 days behind on payments and 15-18M with the potential to realize lower rates. The bottom line is that the CFPB and FHFA want Banks and Lenders to go above and beyond to accommodate these borrowers.
A solution for near-term imperatives and long-term transformation:
In preparation for the upcoming changes, Banks need to implement tools and processes that address the CFPB's requirements repeatably, transparently, and with a high degree of substantiation.
ServiceNow and INRY are uniquely qualified to help lenders meet these requirements in a timely and efficient manner. In this webinar, our panel of speakers Bob Browne - President at Cedar Creek Consulting, Inc., Gregory Kanevski - Global Head of Banking at ServiceNow, Steve Huck - Director of Banking Solutions at INRY, and Paul Kuechenmeister - Product Owner & ServiceNow Banking Solutions at INRY, discuss how ServiceNow can help lenders solve these challenges and prepare them for the future.
Highlights from the session:
06:11 Foreclosure Avoidance Guidelines - How Lenders can be proactive, handle inquiries promptly, and how they can work with Borrowers to avoid foreclosure
13:32 Lower Income Payment Reduction/Refinance Programs - FHFA making parallel moves to promote borrowers relief through refinance
29:45 Improving lender engagement across systems and functions -
The process, integration, and portals - delivering interaction tracking and audit traceability
10:25 CFPB Enforcement Actions are on the Rise - The state of enforcements in 2020, fines that exceeded $1.6B and the repercussions for ignoring.
16:14 Banks are ill-prepared for the new workload - New guidelines come at a time of significant stress for banks nationwide
20:00 High-level ServiceNow Architecture - Financial Services Operations
22:51 Financial Service Data Model - Out of the box model that supports financial services processes for both personal and commercial lines of business
24:45 Dedicated applications for key banking operational functions -
Standard applications for Payment Ops, Credit card Ops, and more
President at Cedar Creek Consulting, Inc.
Global Head of Banking at ServiceNow
Director of Banking Solutions at INRY
Product Owner & ServiceNow Banking Solutions at INRY