Introduction to Mortgage Servicing Examinations Training - March 2023

Internal Use Only

Loan Level Review

Federal Regulation

Examiner

12 C.F.R. § 1024.17

 Escrow notices sent  Compliant  Proper handling of funds  Surplus requirements  Timely payments  Disbursements on PIF

Escrow

12 C.F.R. § 1024.34

FDCPA

Fair Debt Collection Practices Act 15 U.S.C. § 1692g

 Provide validation of debt within 5 days of initial communication with borrower (this may be sent at loan boarding)  Debt collection practices  Disclosing they are debt collector  False, deceptive, or misleading representation  Verbal or written  Notice to borrowers for force placed coverage  Letter cycle and time within cycle when coverage can be placed  Escrowed account  Last known coverage  Cancellation  Limitations on when file can be referred to foreclosure  Limits on foreclosure sales  Deliver a written notice of transfer within 15 days after the effective date of transfer

Fair Debt Collection Practices Act 15 U.S.C. § 1692e

12 C.F.R. § 1024.37

Force Placed Coverage

Foreclosure

13 C.F.R. § 1024.41

Loan Boarding/Transfer

12 C.F.R. § 1024.33

 Contents and timing of notice  Status of loan during transition

Updated 8/15/2022

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