Introduction to Mortgage Servicing Examination Training eBook

Internal Use Only

Review

Who the servicer is Loan boarding • Status of loan Contents of notice

• Amount of debt • Name of creditor

• Assumed valid • How to dispute • Name of original creditor upon written request

Internal Use Only

Model Disclosure Forms Purpose Form

Model Clause for Notice of Servicing Transfer – Appendix MS-2 to Part 1024

Disclosure related to a servicing transfer that must be sent to borrowers by the transferor and transferee servicers (§ 1024.33(b)(1)) Debt validation notice that must be sent within five days of initial contact (§ 1006.34(b)(c)) – Special rule (exception) for certain mortgage debt outlined in § 1006.34(c)(5). Also reference, Validation Information: Residential Mortgage Debt within CFPB’s Debt Collection Rule FAQs. Disclosure related to the initial (§ 1016.4(a)) and annual privacy notice (§ 1016.5(a)) that servicers must sent to borrowers

B-1 Model Form for Validation Notice – Appendix B to Part 1006

Model Privacy Form – A and General Instructions – B – Appendix to Part 1016