California Code of Regulations
Title 10 - Investment
Chapter 6 - Real Estate Commissioner
Article 16.5 - California Foreclosure Prevention Act
Subarticle 2 - Application
Section 2850.8 - Changes to Program After Final Order
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
(a) A servicer may not alter its comprehensive loan modification program after the servicer receives a Final Order from the Commissioner, unless the servicer informs the Commissioner of the change to be made to the program. Any alterations to the program that cause the program to fall out of compliance with the approved program shall require a new application for exemption from the Commissioner. Nothing herein shall prevent a servicer from adding additional features to the modification program where such features are designed to increase the eligible volume of loans to be modified, reduce the amounts of monthly payments to borrowers, or reduce the probability of redefault, provided that the Commissioner receives timely notice of such alteration. Such timely notice shall not be greater than sixty (60) days after the changes to the modification program are proposed or initiated.
(b) A change made by the federal government, or an agent thereof, to a federal program, including but not limited to the Home Affordable Modification Program, the Home Affordable Refinance Program, or the Hope for Homeowners Program, shall not constitute a change to a comprehensive loan modification program and shall not require a new application nor require notice to the Commissioner.
1. New section
filed 6-1-2009 as an emergency; operative 6-1-2009 (Register 2009, No. 23). A
Certificate of Compliance must be transmitted to OAL by 11-30-2009 or emergency
language will be repealed by operation of law on the following day.
2.
New section refiled 12-1-2009 as an emergency; operative 12-1-2009 (Register 2009,
No. 49). A Certificate of Compliance must be transmitted to OAL by 3-1-2010 or
emergency language will be repealed by operation of law on the following
day.
3. Certificate of Compliance as to 12-1-2009 order transmitted to
OAL 2-22-2010 and filed 4-6-2010 (Register 2010, No.
15).
Note: Authority cited: Section 2923.53(d), Civil Code. Reference: Sections 2923.52 and 2923.53, Civil Code.
