Introduction to Mortgage Servicing Examinations Training

Internal Use Only

Loss Mitigation, Early Intervention, and Continuity of Contact

12 C.F.R. § 1024 – Real Estate Settlement Procedures Act

Does the servicer’s loss mitigation, early intervention, and continuity of contact policy address: 1. Live contact with delinquent borrowers 2. Early intervention written notice to delinquent borrowers – timing and content of notice 3. Assignment of Single Point of Contact 4. Information SPOC must provide to borrowers 5. Receipt of loss mitigation application – timing and content of notice 6. Incomplete loss mitigation applications – timing and content of notice 7. Evaluation of loss mitigation applications 8. Approval or denial of loss mitigation options – timing and content of notice 9. Appeal of denial – timing and content of response Does the servicer’s payment processing policy address: 1. Content of periodic statements – closed-end loans and open-end loans (if applicable)

 12 C.F.R. § 1024.39  12 C.F.R. § 1024.40  12 C.F.R. § 1024.41

CFPB RESPA Exam Procedures

Payment Processing (Periodic Statements)

12 C.F.R. § 1026 – Truth in Lending Act  12 C.F.R. § 1026.5  12 C.F.R. § 1026.7  12 C.F.R. § 1026.10  12 C.F.R. § 1026.20  12 C.F.R § 1026.21  12 C.F.R. § 1026.36  12 C.F.R § 10.26.41

2. Timely crediting of borrower payments 3. Fees for alternative payment methods

12 C.F.R. § 1024 – Real Estate Settlement Procedures Act  12. C.F.R. § 1024.38