(a) In general. A servicer shall maintain policies and procedures
that are reasonably designed to achieve the following objectives:
(1) Assign personnel to a delinquent borrower
by the time the servicer provides the borrower with the written notice
required by section 1024.39(b), but in any event, not later than the
45th day of the borrower’s delinquency.
(2) Make available to a delinquent borrower,
via telephone, personnel assigned to the borrower as described in
paragraph (a)(1) of this section to respond to the borrower’s inquiries,
and as applicable, assist the borrower with available loss mitigation
options until the borrower has made, without incurring a late charge,
two consecutive mortgage payments in accordance with the terms of
a permanent loss mitigation agreement.
(3) If a borrower contacts the personnel
assigned to the borrower as described in paragraph (a)(1) of this
section and does not immediately receive a live response from such
personnel, ensure that the servicer can provide a live response in
a timely manner.
(b) Functions of servicer personnel. A servicer
shall maintain policies and procedures reasonably designed to ensure
that servicer personnel assigned to a delinquent borrower as described
in paragraph (a) of this section perform the following functions:
(1) Provide the borrower with
accurate information about:
(i) Loss mitigation options available
to the borrower from the owner or assignee of the borrower’s mortgage
loan;
(ii) Actions
the borrower must take to be evaluated for such loss mitigation options,
including actions the borrower must take to submit a complete loss
mitigation application, as defined in section 1024.41, and, if applicable,
actions the borrower must take to appeal the servicer’s determination
to deny a borrower’s loss mitigation application for any trial or
permanent loan modification program offered by the servicer;
(iii) The status of any
loss mitigation application that the borrower has submitted to the
servicer;
(iv) The
circumstances under which the servicer may make a referral to foreclosure;
and
(v) Applicable
loss mitigation deadlines established by an owner or assignee of the
borrower’s mortgage loan or section 1024.41.
(2) Retrieve, in a timely
manner:
(i) A complete record of the borrower’s
payment history; and
(ii) All written information the borrower has provided to the servicer,
and if applicable, to prior servicers, in connection with a loss mitigation
application;
(3) Provide the documents and information identified in paragraph
(b)(2) of this section to other persons required to evaluate a borrower
for loss mitigation options made available by the servicer, if applicable;
and
(4) Provide a delinquent
borrower with information about the procedures for submitting a notice
of error pursuant to section 1024.35 or an information request pursuant
to section 1024.36.
