The term "mortgage loans" used in the exception is actually a 'defined term' for the purposes of that section.
1026.41 Periodic statements for residential mortgage loans.
(a) In general. (1) Scope. This section applies to a closed-end consumer credit transaction secured by a dwelling, unless an exemption in paragraph (e) of this section applies. Such transactions are referred to as mortgage loans for the purposes of this section.
. . .
(e)(4) Small servicers. (i) Exemption. A creditor, assignee, or servicer is exempt from the requirements of this section for mortgage loans serviced by a small servicer.
(ii) Small servicer defined. A small servicer is a servicer that either:
(A) Services 5,000 or fewer mortgage loans, for all of which the servicer (or an affiliate) is the creditor or assignee; or
Edited by StevenD (03/15/13 03:03 PM)
Opinion expressed are my own and not necessarily those of my employer.