Introduction to Mortgage Servicing Examinations Training

Updated 8/15/2022 3

Loan Level Review Federal Regulation Examiner Loss Mitigation 12 C.F.R. § 1024.41 • Dual tracking • Proceeding with foreclosure while in receipt of full loss mitigation package for review • Timing of response to borrower request PMI

Payment Issue 12 C.F.R. §1026.36 • Payments must be credited within one business day • Late fee pyramiding Payoff 12 C.F.R. § 1026.36 • Contents and timing of payoff statement Periodic Statements

12 C.F.R. § 1026.41 • Provide borrower with statement each billing cycle • Compliant to what should be included within statement 12 U.S.C. § 4902(b) • Automatic termination requirements 12 U.S.C. § 4903(a)(3) • Annual disclosures • Removal requests • Automatic removal

Gramm-Leach-Bliley Act 15 U.S.C. § 6801(a) • Verification of identity • Third-party authorization

Gramm-Leach-Bliley Act 15 U.S.C. § 6801(b) • Safeguards Rules • Protecting confidentiality

Gramm-Leach-Bliley Act 15 U.S.C. § 6802(b)(1)(B) • Privacy policy requirement to provide an opt out option

Gramm-Leach-Bliley Act 15 U.S.C. § 6803(a) • Disclosure of privacy policy, annually and upon boarding

Privacy Notice