Introduction to Mortgage Servicing Examinations Training

Internal Use Only

CFPB TILA Procedures

CFPB RESPA Exam Procedures

Private Mortgage Insurance

Homeowners Protection Act 12 U.S.C. § 4901-4910

Does the servicer’s private mortgage insurance policy address: 1. Annual disclosure requirements 2. Handling of and requirements for borrower requests for PMI termination 3. Automatic termination of PMI 4. Final termination of PMI 5. Exceptions to Cancellation/Termination for High-Risk Mortgages Does the servicer have a servicing transfer policy that addresses: 1. Facilitating transfer of information during servicing transfers 2. Content and timing of notice of transfer 3. Handling of borrower payments during transfer of servicing 4. Handling of loss mitigation during transfers 5. Handling of partial payments 6. Successors in interest 7. Record retention 6. Treatment of loan modifications 7. Return of unearned premiums

 12 U.S.C. § 4902  12 U.S.C. § 4903  12 U.S.C. § 4904

CFPB Homeowners Protection Act Exam Procedures 12 C.F.R. § 1024 – Real Estate Settlement Procedures Act

Servicing Transfers

 12 C.F.R. § 1024.33  12 C.F.R. § 1024.38

12 C.F.R. § 1026 – Truth in Lending Act  12. C.F.R. § 1026.39

CFPB RESPA Exam Procedures

CFPB TILA Procedures

Year-End Statements

26 U.S.C. § 6050H

Does the servicer have a policy that addresses issuance of year end statements: 1. Issuance of Form 1098 2. Timing and method of delivery