(1) Accessing
and providing timely and accurate information. The policies and
procedures required by paragraph (a) of this section shall be reasonably
designed to ensure that the servicer can:
(i) Provide accurate
and timely disclosures to a borrower as required by this subpart or
other applicable law;
(ii) Investigate, respond to, and, as appropriate, make corrections
in response to complaints asserted by a borrower;
(iii) Provide a borrower with accurate
and timely information and documents in response to the borrower’s
requests for information with respect to the borrower’s mortgage loan;
(iv) Provide owners
or assignees of mortgage loans with accurate and current information
and documents about all mortgage loans they own;
(v) Submit documents or filings required
for a foreclosure process, including documents or filings required
by a court of competent jurisdiction, that reflect accurate and current
information and that comply with applicable law; and
(vi) (A) Upon
receiving notice of the death of a borrower or of any transfer of
the property securing a mortgage loan, promptly facilitate communication
with any potential or confirmed successors in interest regarding the
property;
(B) Upon receiving
notice of the existence of a potential successor in interest, promptly
determine the documents the servicer reasonably requires to confirm
that person’s identity and ownership interest in the property and
promptly provide to the potential successor in interest a description
of those documents and how the person may submit a written request
under section 1024.36(i) (including the appropriate address); and
(C) Upon the receipt of such
documents, promptly make a confirmation determination and promptly
notify the person, as applicable, that the servicer has confirmed
the person’s status, has determined that additional documents are
required (and what those documents are), or has determined that the
person is not a successor in interest.
(2) Properly evaluating loss mitigation applications. The policies and procedures required by paragraph (a) of this section
shall be reasonably designed to ensure that the servicer can:
(i) Provide
accurate information regarding loss mitigation options available to
a borrower from the owner or assignee of the borrower’s mortgage loan;
(ii) Identify with
specificity all loss mitigation options for which borrowers may be
eligible pursuant to any requirements established by an owner or assignee
of the borrower’s mortgage loan;
(iii) Provide prompt access to all documents
and information submitted by a borrower in connection with a loss
mitigation option to servicer personnel that are assigned to assist
the borrower pursuant to section 1024.40;
(iv) Identify documents and information
that a borrower is required to submit tocomplete a loss mitigation
application and facilitate compliance with the notice required pursuant
to section 1024.41(b)(2)(i)(B); and
(v) Properly evaluate a borrower who
submits an application for a loss mitigation option for all loss mitigation
options for which the borrower may be eligible pursuant to any requirements
established by the owner or assignee of the borrower’s mortgage loan
and, where applicable, in accordance with the requirements of section
1024.41.
(vi) Promptly
identify and obtain documents or information not in the borrower’s
control that the servicer requires to determine which loss mitigation
options, if any, to offer the borrower in accordance with the requirements
of section 1024.41(c)(4).
(3) Facilitating
oversight of, and compliance by, service providers. The policies
and procedures required by paragraph (a) of this section shall be
reasonably designed to ensure that the servicer can:
(i) Provide
appropriate servicer personnel with access to accurate and current
documents and information reflecting actions performed by service
providers;
(ii)
Facilitate periodic reviews of service providers, including by providing
appropriate servicer personnel with documents and information necessary
to audit compliance by service providers with the servicer’s contractual
obligations and applicable law; and
(iii) Facilitate the sharing of accurate
and current information regarding the status of any evaluation of
a borrower’s loss mitigation application and the status of any foreclosure
proceeding among appropriate servicer personnel, including any personnel
assigned to a borrower’s mortgage loan account as described in section
1024.40, and appropriate service provider personnel, including service
provider personnel responsible for handling foreclosure proceedings.
(4) Facilitating transfer of information during
servicing transfers. The policies and procedures required by
paragraph (a) of this section shall be reasonably designed to ensure
that the servicer can:
(i) As a transferor servicer, timely
transfer all information and documents in the possession or control
of the servicer relating to a transferred mortgage loan to a transferee
servicer in a form and manner that ensures the accuracy of the information
and documents transferred and that enables a transferee servicer to
comply with the terms of the transferee servicer’s obligations to
the owner or assignee of the mortgage loan and applicable law; and
(ii) As a transferee
servicer, identify necessary documents or information that may not
have been transferred by a transferor servicer and obtain such documents
from the transferor servicer.
(iii) For the purposes of this paragraph
(b)(4), transferee servicer means a servicer, including a master servicer
or a subservicer, that performs or will perform servicing of a mortgage
loan and transferor servicer means a servicer, including
a master servicer or a subservicer, that transfers or will transfer
the servicing of a mortgage loan.
(5) Informing borrowers of the written error resolution and information
request procedures. The policies and procedures required by paragraph
(a) of this section shall be reasonably designed to ensure that the
servicer informs borrowers of the procedures for submitting written
notices of error set forth in section 1024.35 and written information
requests set forth in section 1024.36.
(1) Record retention. A servicer shall retain records that document actions taken with
respect to a borrower’s mortgage loan account until one year after
the date a mortgage loan is discharged or servicing of a mortgage
loan is transferred by the servicer to a transferee servicer.
(2) Servicing file. A servicer shall maintain the following documents
and data on each mortgage loan account serviced by the servicer in
a manner that facilitates compiling such documents and data into a
servicing file within five days:
(i) A schedule of all transactions
credited or debited to the mortgage loan account, including any escrow
account as defined in section 1024.17(b) and any suspense account;
(ii) A copy of the
security instrument that establishes the lien securing the mortgage
loan;
(iii) Any
notes created by servicer personnel reflecting communications with
the borrower about the mortgage loan account;
(iv) To the extent applicable, a report
of the data fields relating to the borrower’s mortgage loan account
created by the servicer’s electronic systems in connection with servicing
practices; and
(v)
Copies of any information or documents provided by the borrower to
the servicer in accordance with the procedures set forth in section
1024.35 or section 1024.41.
