Introduction to Mortgage Servicing Examinations Training - March 2023

Internal Use Only

Loan Level Review

Federal Regulation

Examiner

Loss Mitigation 12 C.F.R. § 1024.41

 Dual tracking  Proceeding with foreclosure while in receipt of full loss mitigation package for review  Timing of response to borrower request  Payments must be credited within one business day  Late fee pyramiding

Payment Issue

12 C.F.R. §1026.36

Payoff

12 C.F.R. § 1026.36

 Contents and timing of payoff statement

Periodic Statements

12 C.F.R. § 1026.41

 Provide borrower with statement each billing cycle  Compliant to what should be included within statement

12 U.S.C. § 4902(b)

 Automatic termination requirements

12 U.S.C. § 4903(a)(3)

 Annual disclosures  Removal requests  Automatic removal

PMI

Gramm-Leach-Bliley Act 15 U.S.C. § 6801(a) Gramm-Leach-Bliley Act 15 U.S.C. § 6801(b) Gramm-Leach-Bliley Act 15 U.S.C. § 6802(b)(1)(B) Gramm-Leach-Bliley Act 15 U.S.C. § 6803(a)

 Verification of identity  Third-party authorization  Safeguards Rules  Protecting confidentiality

Privacy Notice

 Privacy policy requirement to provide an opt out option  Disclosure of privacy policy, annually and upon boarding

Updated 8/15/2022

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