I understand that the RESPA rules in regards to the servicing disclosure statement has changed effective January 26, 2009. In reviewing the Federal Register, I noted that the notice is much more simple (thank goodness). But my question is, doesn't the old servicing disclosure still meet the regulatory requirements? I have been told that we have to start using the new form, but our forms provider has not yet updated our platform, and said it will not be updated until May.
In reading the register, under the section "Instructions to Preparer", it states "The model format may be annotated with further information that clarifies or enhances the model language." Since the old form provides the required language and actually now provides more information than required, would this not be a case in which further information is provided that enhances the model language? I agree that when the new form is available to us, we will begin using it, but in reading the Federal Register, I believe the old form is still sufficient. Any thoughts on this?