Introduction to Mortgage Servicing Examinations Training

Mortgage Servicing Examination Resources Cont.

Mortgage Interest Statements (1098s) Federal Regulation(s)

Model Forms

Other Resources

26 C.F.R. § 1.6050H-2

Form 1098

IRS 1098 Instructions

Payoffs

Federal Regulation(s)

Model Forms

Other Resources

Best practice: Payoff statements should clearly identify all components of the total payoff amount and be consistent with investor and regulatory requirements. Review for inclusion of: • Principal balance • Interest through payoff date • Per diem interest • Escrow shortages/surpluses • Fees or penalties (if applicable and permitted)

12 C.F.R. 1024.36 (Regulation X) • CFPB Comment for 1024.36 12 C.F.R. § 1026.36 (Regulation Z)

There are no model forms. Reference 12 C.F.R. § 1026.36(c)(3) - (Servicing practices – payoff statements)

Adjustable-Rate Mortgages Federal Regulation(s) 12 C.F.R. § 1026.20 (Regulation Z)

Model Forms

Other Resources

Appendix H to Part 1026 Initial rate adjustments Rate adjustments with a corresponding payment change

Secured Overnight Financing Rate (SOFR)

ACCREDITATION & WORKFORCE DEVELOPMENT