Introduction to Mortgage Servicing Examinations Training - March 2023

Review Communication with borrower Receipt of loss mitigation application Status of foreclosure against borrower

Contents of Letter Timing of Letters

Quality Control / Data Integrity Verify loan boarding information is accurate in accordance with loan Review QC over loan boarding

Workouts

Payments

Payments made to transferor should not incur late fees (60 days) Payment should be sent promptly to Transferee

Pending workouts at time of transfer must be reviewed

Transferor notice sent not less than 15 days before date of transfer Transferee notice sent not more than 15 days after date of transfer Combined notice sent not less than 15 days before date of transfer

Date of Transfer

Name, address & toll free number for inquiries Date transferor will cease to accept payments and transferee will begin If transfer affects availability of optional insurance(s) Statement that transfer does not affect terms/condition of mortgage loan

Verify terms of note are accurate within system