Regulation Z requires that servicers of mortgage loans that are secured by a borrower’s primary residence must make good faith efforts to establish live contact with delinquent borrowers and inform them that loss mitigation options may be available. While there are a few exemptions that Kevin discusses in the video, this live contact should occur …no later than the 36th day of a borrower’s delinquency and again no later than 36 days after each payment due date so long as the borrower remains delinquent. The loss mitigation options should also be provided promptly after establishing live contact with the borrower.
Kevin explains more in the video.
Published
2024/07/26