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StateLaw Databases

In-depth analysis of the laws that affect consumer credit transactions and privacy

Mortgage Servicing

Mortgage Servicing covers consumer-purpose residential mortgage loan servicing issues from transfer of servicing up to the initiation of foreclosure applicable to banks, savings and loan associations, and licensed lenders and servicers. It does not cover laws that apply because the lender or servicer is a credit union. It does not address laws that apply to a loan secured by a time-share interest, fixtures or a dwelling that is movable personal property (such as a boat or a mobile home).

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
  • variable and fixed rate loans

Mortgage Servicing includes information about servicing issues related to high-cost loans, but is not a comprehensive resource for state laws that apply to high-cost loans. Mortgage Servicing does not address requirements or limitations that are imposed by the loan documents or security instruments.

Questions in the following categories are addressed:

  • General Overview of State Law and Licensing
  • High Cost or Higher Cost Loan Laws
  • Routine Servicing Notices And Obligations
  • Default-Related Notice Obligations
  • Loss Mitigation and Refinancing
  • Reporting to Government Officials
  • Vacant Property Registration
  • Escrow Requirements
  • Servicing Fees
  • Prepayment
  • Debt Collection
  • Collection of Deficiency Balances

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