Introduction to Mortgage Servicing Examination Training eBook

Internal Use Only

Rules & Regulations Not later than 36 th day after borrower misses payment:  Servicer shall establish or make good faith efforts to establish live contact with a delinquent borrower  Also required after each payment due date while delinquent  Live contact - discuss cause of delinquency & inform borrower about loss mitigation options  Live contact includes speaking on the phone or conducting a meeting, but not leaving a phone message  Good faith efforts consist of reasonable steps to reach borrower – telephoning more than once & sending communication encouraging borrow to establish live contact

Internal Use Only

Written Notices – Day 45 No later than 45 th day after borrower misses a payment: •Servicer shall provide delinquent borrower written notice describing available loss mitigation options & how to apply for •Written notice is required no later than 45 days after each payment due date while the borrower remains delinquent •Servicer is not required to provide notice more than once during any 180-day period