Introduction to Mortgage Servicing Examinations Training - March 2023

Introduction to Mortgage Servicing Examination Training Loan File Review - Rules & Regulations Resource

Loan Level Review

Federal Regulation

Examiner

Year-End Statements 26 U.S.C. § 6050H

 Review servicing loan file for 1098s for every year payment histories show that borrower paid over $600 in interest

ARM

12 C.F.R. § 1026.20

 Proving ARM notices  Inaccurate ARM changes  Timing of notification  Contents of notification

Fed. R. Bankruptcy P. 3002.1(b) & (c)

 Any changes in payment amounts while account is in Bankruptcy must be filed with Debtor attorney

Bankruptcy

11 U.S.C. § 362

 Violating automatic stay

Borrower Inquiry

12 C.F.R. § 1024.35 & § 1024.36

 Contents of Borrower request  Timing of response

Continuity of Contact 12 C.F.R. § 1024.40

 Communication with borrowers

Dual Tracking

12 C.F.R. § 1024.41(f)

 Proceeding with foreclosure while in receipt of full loss mitigation package for review  Contacting borrower on delinquency/providing written options

Early Intervention

12 C.F.R. § 1024.39

Updated 8/15/2022