Covers the disclosure statements and other servicing transfer requirements. Explains why servicers should review their own practices and ability of counterparties to adhere to servicing transfer guidance and regulations. Describes the conditions and processes related to the evaluation of loss mitigation during the transfer of servicing.
After completing this course, students will be able to:
• Identify servicing-related requirements and exceptions for federally related mortgage loans
• Describe procedures during transfer of loan servicing and requirements for servicing transfer notices
• Explain how to handle payments received during transfer of servicing
• Identify responsibilities for loss mitigation, notices of error and force-placement of insurance
• Describe procedures for continuity of contact and early intervention