Mortgage Servicing

Mortgage Servicing

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Description

This is a policy guide to comply with Mortgage Servicing requirements for mortgage lenders (interim servicing) and mortgage loan servicers. This a separate policy guide. Once purchased this guide will be customized to your specifications. You will receive an immediate invoice receipt with a download link to a questionnaire with some simple questions to answer and receive your customized guide within 24-48 hours. This is written for independent mortgage bankers but can be customized for depository financial institutions and credit unions. 

Table of Contents

MORTGAGE SERVICING POLICY

  • PURPOSE
  • SCOPE

MORTGAGE SERVICING RESPONSIBILITIES

  • MORTGAGE SERVICING MANAGER
  • SUB-SERVICER RESPONSIBILITIES
    • Payment Processing Monitoring
    • Requests for Information
    • Escrow Administration Monitoring
    • Mortgage Insurance Terminations
    • Delinquent Loan Monitoring
    • Payment Collections Monitoring
    • Loss Mitigation/Prevention
    • Foreclosures
    • Bankruptcy
    • Real Estate Owned (REO)
    • Investor Reporting
    • Customer Service

MORTGAGE SERVICING REQUIREMENTS

  • MORTGAGE SERVICING TRANSFERS
  • Exclusions from these Requirements
  • Timing
  • Successors in Interest

PERIODIC STATEMENTS

  • Timing
  • Consumers in Bankruptcy
  • Charged-Off Loans
  • Successors in Interest
  • Successors in Interest - Optional Notice with Acknowledgment Form

ESCROW ACCOUNTS

  • FORCE-PLACED INSURANCE
    • Exclusions
    • Premium Charges
    • Requirements
    • When a Borrower Responds but Without Evidence of Continuous Coverage
    • Renewal of Force-Placed Insurance
    • Force-Placed Insurance Cancellation
    • Flood Insurance

ERROR RESOLUTION (NOE OR QWR)

  • Contact Information
  • Acknowledgment of Receipt
  • Timing of Response to Notice of Error
  • Response to Notice of Error
  • Copies of Documentation
  • Allowance for Non-Compliance
  • Prohibitions for Notices of Error

REQUESTS FOR INFORMATION (RFI OR QWR)

  • Acknowledgment of Receipt
  • Timing of Response
  • Response to Request for Information
  • Allowance for Non-Compliance
  • Prohibitions for Requests for Information
  • Successors in Interest

LOSS MITIGATION/PREVENTION

  • Delinquency Notice
  • SUB-SERVICER REQUIREMENTS
  • LOSS MITIGATION PROCEDURES
    • Complete Loss Mitigation Application
    • Review of Loss Mitigation Application
    • Determining Protections
    • Evaluation of Loss Mitigation Application
    • Short-Term Loss Mitigation Options
    • Facially Complete Loss Mitigation Application
    • Notice of Complete Loss Mitigation Application
    • Documents the Borrower Does Not Control
    • Denial of Loan Modification Options
    • Borrower Acceptance or Rejection of Loss Mitigation Options
    • Trial Loan Modification Plan
    • Interaction with Appeal Process
    • Foreclosure Referral
    • Prohibition on Foreclosure Sale
    • Appeals Process
    • Servicing Transfers

MORTGAGE SERVICING DISCLOSURES, NOTICES AND STATEMENTS

  • INITIAL DISCLOSURE
    • Servicing Disclosure Statement (Regulation X)
    • Reverse Mortgage Loans
  • AT TIME OF TRANSFER
    • Mortgage Servicing Transfer Disclosure (Regulation Z)
    • Mortgage Servicing Transfer Disclosure (Regulation X)
  • ON-GOING SERVICING REQUIREMENTS
    • Periodic Statement
    • Coupon Book
    • Successors in Interest - Optional Notice with Acknowledgment Form
    • Delinquency Notice
    • Force-Placed Insurance Notice
    • Force-Placed Insurance Reminder Notice
    • Non-Continuous Coverage Notice
    • Force-Placed Insurance Renewal Notice
    • Loss Mitigation Application Receipt Notice
    • Evaluation of Loss Mitigation Application Notice
    • Short-Term Loss Mitigation Options Notice
    • Notice of Complete Loss Mitigation Application
    • Notice of Missing Documents from Others

RECORD RETENTION

APPENDIX A (DEFINITIONS)

  • Clear and Prominent
  • Client Trust Account
  • Commercial Communication
  • Confirmed Successor in Interest
  • Covered Person
  • Date of Transfer
  • Mortgage Assistance Relief Service
  • Mortgage Assistance Relief Service Provider
  • Successor in Interest
  • Qualified Written Request

APPENDIX B (REGULATION X POLICY AND PROCEDURE REQUIREMENTS)

  • Facilitating Oversight of, and Compliance by, Service Providers
  • Facilitating Transfer of Information during Servicing Transfers