Introduction to Mortgage Servicing Examination Training eBook

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

• 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

12 C.F.R. § 1024.37

• 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

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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