Mortgage Servicing covers consumer-purpose residential mortgage loan servicing issues from origination up to the initiation of foreclosure applicable to banks, savings and loan associations, and licensed lenders and servicers. The questions relate to licensing, routine servicing notice requirements, default notice requirements, mortgage loan modifications and other work-out requirements, fee limitations, payment application requirements, collection limitations, loan performance reporting requirements, and other pertinent issues.
The responses cover the following types of mortgage products: closed end loans; open-end lines of credit ("HELOCs"); first and junior lien loans; purchase money and non-purchase money loans; and variable and fixed rate loans. This product has some limited information about servicing issues related to high-cost loans, but does not comprehensively cover these types of loans. This product does not take into consideration requirements or limitations that may be found in the loan documents or security instruments.
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