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Duty of servicers of residential mortgages; 15 U.S. Code 1639a. Duty of servicers of residential mortgages. that the application of such qualified loss mitigation plan to a mortgage or class of mortgages will likely provide an anticipated recovery on the outstanding principal mortgage debt.
The Mortgage Servicing Rule addresses, among other things, the requirements for responding to borrower inquiries and notices of errors; loss mitigation; early intervention with delinquent borrowers; and force-placed insurance. "Small servicers" meeting certain criteria are subject to some, but not all, aspects of the Mortgage Servicing Rule.
Servicing Transfers During Loss Mitigation A. privately enforceable respa provisions 1. The requirements for responding to a loss mitigation application generally continue to apply even after the servicing of the borrower’s loan has been transferred. 2. Although a servicer is required to comply with section 1024.41 only for a single complete
Loss mitigation. Loss mitigation refers to the steps mortgage servicers take to work with a mortgage borrower to avoid foreclosure. Loss mitigation refers to a servicer’s responsibility to reduce or "mitigate" the loss to the investor that can come from a foreclosure. Certain loss-mitigation options may help you stay in your home.
(v) Foreclosure Is a Last Resort – The new servicing standards make foreclosure a last resort by requiring servicers to evaluate homeowners for other loss mitigation options first. In addition, banks will be restricted from foreclosing while the homeowner is being considered for a loan modification.
Repeat Loss Mitigation Protections: Under the current rules, a mortgage servicer is required to give borrowers certain loss mitigation protections once during the life of the loan. The new rule.
In mortgage lending, the reduction or elimination of credit losses to lenders, servicers, investors and insurers. In the broadest view, this can include any activity associated with recovery of the debt. Therefore everything from collections to sale of real estate owned (reo) property can be considered loss mitigation.
Written By: Stacey Sprain, NAMP®-CALP Mortgage Loan Processor Job Description: The primary function of the Loan Processor is to ensure the timely and accurate packaging of all loans originated by our loan officers. Responsibilities include: Gather.