Introduction to Mortgage Servicing Examination Training eBook

Loan Level Review Loss Mitigation

Federal Regulation

Examiner

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)

• Verification of identity • Third-party authorization

Gramm-Leach-Bliley Act 15 U.S.C. § 6801(b) • Safeguards Rules • Protecting confidentiality Gramm-Leach-Bliley Act 15 U.S.C. § 6802(b)(1)(B) • Privacy policy requirement to provide an opt out option Gramm-Leach-Bliley Act 15 U.S.C. § 6803(a) • Disclosure of privacy policy, annually and upon boarding

Privacy Notice

Updated 8/15/2022

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