Introduction to Mortgage Servicing Training - March 2024

Internal Use Only

Rules & Regulations  12 C.F.R. § 1024.40

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Internal Use Only

Rules & Regulations  Servicer shall maintain policies & procedures reasonably designed to assign personnel to assist delinquent borrower with loss mitigation options  Not later than 45 th day of a borrower’s delinquency, servicer must:  Assign personnel to delinquent borrower  Make available to delinquent borrower personnel assigned to assist borrower, who must: • Provide responses in a timely manner • Assist with loss mitigation options until borrower has made, without incurring a late charge, two consecutive payments in accordance with terms of a permanent loss mitigation agreement

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