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#1099605 - 12/18/08 05:35 PM
Re: Servicing Disclosure Revision
upstateNY
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Power Poster
Joined: Nov 2001
Posts: 7,985
FINALLY ABOVE the gnat line
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1-16-09
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"Once you learn to read, you will be forever free." - Frederick Douglass
My Opinion Only.
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#1101964 - 12/24/08 02:03 PM
Re: Servicing Disclosure Revision
David Dickinson
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10K Club
Joined: Aug 2002
Posts: 47,535
Bloomington, IN
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All of our loans are subject to the servicing being sold, although they may not be, therefore we are disclosing that the loan servicing may be sold at anytime during the life of the loan.
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The opinions expressed are mine and they are not to be taken as legal advice.
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#1104001 - 12/30/08 09:40 PM
Re: Servicing Disclosure Revision
Dan Persfull
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Power Poster
Joined: Nov 2003
Posts: 3,726
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Dan- if you are saying "may assign..." are you just taking a box and showing the other options or is that just the only statement following the heading "SERVICING TRANSFER INFORMATION"?
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It's not that I take life for granted. It's only that the good won't make it. Innocence dies, while Villany Thrives.
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#1104010 - 12/30/08 09:48 PM
Re: Servicing Disclosure Revision
Tesla
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10K Club
Joined: Aug 2002
Posts: 47,535
Bloomington, IN
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We're not showing the other choices on the form.
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The opinions expressed are mine and they are not to be taken as legal advice.
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#1104012 - 12/30/08 09:50 PM
Re: Servicing Disclosure Revision
Dan Persfull
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Power Poster
Joined: Nov 2003
Posts: 3,726
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Cool! Thanks!
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It's not that I take life for granted. It's only that the good won't make it. Innocence dies, while Villany Thrives.
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#1105335 - 01/05/09 03:28 PM
Re: Servicing Disclosure Revision
upstateNY
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Diamond Poster
Joined: Sep 2008
Posts: 2,474
Midwest
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Does anyone know where I can get a sample form? We currently use ARTA for our loan forms? Does anyone know if the new form will be automtically updated with the new language?
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#1105355 - 01/05/09 03:49 PM
Re: Servicing Disclosure Revision
ahkcompliance
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Diamond Poster
Joined: Nov 2004
Posts: 2,309
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Opinions expressed are my own and not necessarily those of my employer. They are not legal advice.
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#1105470 - 01/05/09 05:44 PM
Re: Servicing Disclosure Revision
Web
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Member
Joined: Sep 2007
Posts: 69
Oklahoma
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I need some clarification as I am new to lending compliance:
The reg says the Servicing Disclosure is to be given at the time an application for a mortgage servicing loan is submitted, or within three days after submission of the application.
Is this an either or choice? Is it okay to always send it within three business days of submission even if it is a face-to-face application?
Does this disclosure requirement only apply to first mortgage loans (which could be sold on secondary market) or does it also include home improvement loans that might be a first lien?
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#1105517 - 01/05/09 06:26 PM
Re: Servicing Disclosure Revision
babyboomer
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10K Club
Joined: Nov 2002
Posts: 20,656
The Swamp
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It appears to me that the requirement for giving at time of face-to-face no longer applies.
Whether sold on secondary market or not has no bearing on giving the disclosure. Servicing could be simply collecting the monthly P&I.
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My opinion only. Not legal advice. Say you'll haunt me - Stone Sour
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#1105570 - 01/05/09 07:33 PM
Re: Servicing Disclosure Revision
ahkcompliance
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10K Club
Joined: Aug 2004
Posts: 10,321
oHiO
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Does anyone know where I can get a sample form? We currently use ARTA for our loan forms? Does anyone know if the new form will be automtically updated with the new language? We have ARTA too and the new servicing disclosure has been updated.
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#1105658 - 01/05/09 09:28 PM
Re: Servicing Disclosure Revision
pjs
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Diamond Poster
Joined: Sep 2008
Posts: 2,474
Midwest
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We just had an external audit and our auditors noted that we did not disclose it at a face to face application. They recommend that we give the servicing disclosure at application or within 3 business days of a mail application.
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#1106112 - 01/06/09 06:19 PM
Re: Servicing Disclosure Revision
ahkcompliance
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Gold Star
Joined: Oct 2003
Posts: 474
Texas, USA
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Is there any problem if we begin using the new form now? We don't need to wait until 1/16/09, do we?
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#1106170 - 01/06/09 07:07 PM
Re: Servicing Disclosure Revision
Lissa P.
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Gold Star
Joined: Nov 2007
Posts: 437
Nevada
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I also plan to use it right away, so would like to know the answer to LissaJ's question too.
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#1106173 - 01/06/09 07:11 PM
Re: Servicing Disclosure Revision
Marnie
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10K Club
Joined: Aug 2002
Posts: 47,535
Bloomington, IN
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We have been using the short form for over 3 years now. I just re-worded it to include the new language about servicing and have been using the update for about 3 or 4 weeks now.
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The opinions expressed are mine and they are not to be taken as legal advice.
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#1106317 - 01/06/09 09:08 PM
Re: Servicing Disclosure Revision
Dan Persfull
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Platinum Poster
Joined: Nov 2005
Posts: 614
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Our vendor has not added the new language about servicing yet on the short form. Since the language is just a model, are we okay to use the short form without the added language until our vendor updates the form?
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#1106336 - 01/06/09 09:17 PM
Re: Servicing Disclosure Revision
MarieR
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10K Club
Joined: Aug 2002
Posts: 47,535
Bloomington, IN
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You do not have to use the new form until 1/16.
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The opinions expressed are mine and they are not to be taken as legal advice.
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#1106360 - 01/06/09 09:30 PM
Re: Servicing Disclosure Revision
Dan Persfull
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Gold Star
Joined: Oct 2003
Posts: 474
Texas, USA
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Well, that brings me to my new question. Our vendor has deleted a large portion of the sentence on the model disclosure that explains what "servicing" entails. The vendor states that their form is sufficient for compliance. So, should the language be verbatim when compared to the model? Or is the disclosure of intent sufficient?
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#1106436 - 01/06/09 10:44 PM
Re: Servicing Disclosure Revision
Lissa P.
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Platinum Poster
Joined: Jul 2004
Posts: 505
WA
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OK! I need the difinitive answer. Is using the old form sufficient (overkill, but sufficient), or do we need to migrate to the new version with new language by 1/16/09? We have not yet heard from either of our two loan origination software vendors on the new document!
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