Introduction to Mortgage Servicing Examinations Training

Updated 8/15/2022 2

Loan Level Review Federal Regulation Examiner Escrow

12 C.F.R. § 1024.17 • Escrow notices sent • Compliant

• Proper handling of funds • Surplus requirements

12 C.F.R. § 1024.34 • Timely payments

• Disbursements on PIF • Provide validation of debt within 5 days of initial communication with borrower (this may be sent at loan boarding) • Debt collection practices • Disclosing they are debt collector • False, deceptive, or misleading representation • Verbal or written

Force Placed Coverage 12 C.F.R. § 1024.37 • Notice to borrowers for force placed coverage • Letter cycle and time within cycle when coverage can be placed • Escrowed account • Last known coverage • Cancellation Foreclosure 13 C.F.R. § 1024.41 • Limitations on when file can be referred to foreclosure • Limits on foreclosure sales Loan Boarding/Transfer

12 C.F.R. § 1024.33 • Deliver a written notice of transfer within 15 days after the effective date of transfer • Contents and timing of notice • Status of loan during transition

FDCPA Fair Debt Collection Practices Act 15 U.S.C. § 1692g

Fair Debt Collection Practices Act 15 U.S.C. § 1692e