Introduction to Mortgage Servicing Examinations Training - March 2023

Introduction to Mortgage Servicing Examination Training Policy Review - Regulations Resource

Federal Regulation

What Should be Addressed

Area for Review

Adjustable ‐ Rate Mortgages

12 C.F.R. § 1026 – Truth in Lending Act  12 C.F.R. § 1026.20

Does the servicer have a policy covering related to adjustable ‐ rate mortgages that addresses: 1. Interest rate adjustments 2. Content, coverage, and timing of notices Does the servicer have a bankruptcy policy that addresses: 1. Handling of loans in bankruptcy 2. Notification requirements – content and timing 3. Partial Exemptions – live contact and written notice requirements 4. Events requiring a servicer to resume compliance 5. Application of payments from consumer or bankruptcy trustee 6. FDCPA partial exemption – borrowers invoking cease communication rights Does the servicer have a collections policy that addresses: 1. Applicability of FDCPA (exclusions) to its business model 2. When, where and with whom collections communication is permitted 3. Communication with third ‐ parties 4. Prohibited practices 5. Record retention

CFPB TILA Procedures

Bankruptcy

12 C.F.R. § 1024 – Real Estate Settlement Procedures Act CFPB RESPA Exam Procedures 12 C.F.R. § 1006 ‐ Fair Debt Collection Practices Act CFPB FDCPA Exam Procedures

Collections

12 C.F.R. § 1006 ‐ Fair Debt Collection Practices Act

CFPB FDCPA Exam Procedures