Current through Register Vol. 54, No. 12, March 23, 2024
(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 §
59.11(b)
(relating to early intervention requirements for certain borrowers), 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 §
59.13 (relating to loss mitigation
procedures), 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 §
59.13.
(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 §
59.7 (relating to error resolution
procedures) or an information request pursuant to §
59.8 (relating to requests for
information).
This section cited in 10 Pa. Code §
59.10 (relating to general
servicing policies, procedures, and requirements); and 10 Pa. Code §
59.11 (relating to early
intervention requirements for certain
borrowers).