Introduction to Mortgage Servicing Examinations Training

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

Internal Use Only

Rules & Regulations  Servicer shall maintain policies & procedures reasonably designed to ensure that servicer personnel assigned to a delinquent borrower must be able to:  Provide accurate information  Retrieve information in a timely manner  Provide documents & information to other persons required to evaluate the borrower for loss mitigation options  Provide information about procedures for submitting a notice of error (§ 1024.35) or information request (§ 1024.36)