(a) In general. Except as provided in paragraphs (b) and (c) of
this section, this subpart applies to any mortgage loan, as that term
is defined in section 1024.31.
(b) Exemptions. Except as otherwise provided
in section 1024.41(j), sections 1024.38 through 1024.41 of this subpart
shall not apply to the following:
(1) A servicer that qualifies as a small
servicer pursuant to 12 CFR 1026.41(e)(4);
(2) A servicer with respect to any reverse
mortgage transaction as that term is defined in section 1024.31; and
(3) A servicer with respect
to any mortgage loan for which the servicer is a qualified lender
as that term is defined in 12 CFR 617.7000.
(c) Scope of certain sections.
(1) Section 1024.33(a) only
applies to reverse mortgage transactions.
(2) The procedures set forth in sections
1024.39 through 1024.41 of this subpart only apply to a mortgage loan
that is secured by a property that is a borrower’s principal residence.
(d) Successors in interest. A confirmed successor in interest shall be considered a borrower
for purposes of section 1024.17 and this subpart.
