Introduction to Mortgage Servicing Examination Training eBook

Internal Use Only

Rules & Regulations  12 C.F.R. § 1024.40  Continuity of contact

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