Pennsylvania Code
Title 10 - BANKING AND SECURITIES
Part IV - Bureau of Consumer Credit Agencies
Chapter 47 - MORTGAGE LOAN MODIFICATIONS-STATEMENT OF POLICY
Section 47.5 - Improper activities regarding mortgage loan modifications
Current through Register Vol. 54, No. 12, March 23, 2024
A licensee providing mortgage loan modifications should not:
(1) Provide mortgage loan modifications for mortgage loans other than those held or serviced by the licensee in a manner inconsistent with § 47.3 (relating to provision of mortgage loan modification counseling to borrowers).
(2) Advise, encourage or permit a borrower to stop or delay making regularly scheduled payments on an existing mortgage loan unless a mortgage loan modification is completely negotiated and executed with the holder or servicer of the borrower's mortgage loan and the mortgage loan modification provides for such a cessation or delay in making regularly scheduled payments on the existing mortgage loan.
(3) Accept, hold or transmit any money unless the licensee is operating in compliance with Federal and State law, including the Debt Management Services Act (63 P. S. §§ 2401-2449) and the Money Transmission Business Licensing Law (7 P. S. §§ 6101-6118).
(4) Charge advance fees to a borrower for a mortgage loan modification.
(5) Attempt to negotiate or contract with a borrower for a mortgage loan modification which the licensee knows or has reason to believe the borrower will not be able to afford.
(6) Enter into any contract or agreement to purchase a borrower's property.
(7) Accept a power of attorney to represent a borrower or represent that the licensee has a power of attorney for a borrower.
(8) Fail in a timely manner to:
(9) Engage in false or misleading advertising. Examples of false or misleading advertising include:
(10) Make a statement or engage in an action which is false, misleading, deceptive or inappropriate. Examples of false, misleading, deceptive or inappropriate statements or actions include: