Introduction to Mortgage Servicing Examinations Training - March 2023

Rules & Regulations  12 C.F.R. § 1024.39

Rules & Regulations Not later than 36 th day after borrower misses payment:  Servicer shall establish or make good faith efforts to establish live contact with a delinquent borrower  Also required after each payment due date while delinquent  Live contact - discuss cause of delinquency & inform borrower about loss mitigation options  Live contact includes speaking on the phone or conducting a meeting, but not leaving a phone message  Good faith efforts consist of reasonable steps to reach borrower – telephoning more than once & sending communication encouraging borrow to establish live contact