Mortgage Servicing Policy
The purpose of this Mortgage Servicing Policy Template is to supplement and expand upon a bank’s, credit union’s, or other type of financial institution’s Mortgage Loan Policy by complying with all requirements and provisions of the Mortgage Servicing provisions of Regulation X, the Real Estate Settlement Procedures Act (“RESPA” or the “Act”).
Table of Contents
- Purpose and Contents – Topic 1
- Policy Statement – Topic 2
- General Disclosure Requirements – Topic 3
- Mortgage Servicing Transfers – Topic 4
- Timely Escrow Payments and Treatment of Escrow Account Balances – Topic 5
- Error Resolution Procedures – Topic 6
- Requests for Information – Topic 7
- Force Placed Insurance – Topic 8
- General Servicing Policies, Procedures and Requirements – Topic 9
- Early Intervention Requirements for Certain Borrowers – Topic 10
- Continuity of Contact – Topic 11
- Loss Mitigation Procedures – Topic 12
- Coronavirus Pandemic Applicability – Topic 13
- Audit Policy – Topic 14
- Staff Training – Topic 15
- Retention of Documentation – Topic 16
Recent updates to this product:
CFPB Issues Interim Final Rule on Loss Mitigation Options for Homeowners Recovering from Pandemic-Related Financial Hardships
Joint Release – Federal Agencies Encourage Mortgage Servicers to Work with Struggling Homeowners Affected by COVID-19
CFPB Bulletin 2020-02 – Handling of Information and Documents During Mortgage Servicing Transfers
This Mortgage Servicing Policy Template (approximately 39 pages) is available to purchase from BankPolicies.com in Microsoft® Word format.
NOTE: The complete contents of this product are also included within the Regulation X Policy Template.
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