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#1111833 - 01/15/09 07:09 PM Re: Servicing Disclosure Revision Helium
dg Offline
Platinum Poster
Joined: Jan 2005
Posts: 811
Pacific NW
We use Lasor Pro and have begun using the new servicing disclosure. The software provides a box for additional verbage. Is any other users of LP adding in addional verbage? If so, what are you adding in? Is the form as it is all that is needed, other than choosing a box?

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Lending Compliance
#1111865 - 01/15/09 07:28 PM Re: Servicing Disclosure Revision dg
ahkcompliance Offline
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Joined: Sep 2008
Posts: 2,474
Midwest
Is there a new time frame of providing the disclosure? I tell the Loan Officers to provide it at application. This is our generaly policy. We are retaining a copy in file for our records but are not having the client sign.

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#1111867 - 01/15/09 07:30 PM Re: Servicing Disclosure Revision ahkcompliance
Ray_ Offline
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Joined: Aug 2006
Posts: 879
Dallas, TX
Yes, you now have three days to provide it like the other Early Disclosures.

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#1111872 - 01/15/09 07:36 PM Re: Servicing Disclosure Revision Ray_
ahkcompliance Offline
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Joined: Sep 2008
Posts: 2,474
Midwest
Does it matter if it is a face to face interview?

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#1111881 - 01/15/09 07:43 PM Re: Servicing Disclosure Revision ahkcompliance
Ray_ Offline
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Joined: Aug 2006
Posts: 879
Dallas, TX
No it doesn't. That language has been deleted effective 1/16/09.

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#1111883 - 01/15/09 07:44 PM Re: Servicing Disclosure Revision ahkcompliance
NCBanker Offline
Member
Joined: Jan 2008
Posts: 61
Am I right in thinking that there is no longer any requirement for disclosing the PERCENTAGE of loans for which we transfer servicing? I have a new investor questioning why we don't disclose the percentage.

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#1111886 - 01/15/09 07:45 PM Re: Servicing Disclosure Revision NCBanker
Ray_ Offline
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Posts: 879
Dallas, TX

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#1111932 - 01/15/09 08:47 PM Re: Servicing Disclosure Revision Ray_
QCL Offline
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QCL
Joined: May 2002
Posts: 6,259
NW IL
This is not related to the sections that were delayed, until April correct?

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#1111936 - 01/15/09 08:48 PM Re: Servicing Disclosure Revision QCL
Amos Offline
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Joined: Nov 2004
Posts: 237
USA
Required use was the only provision delayed until April.

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#1112211 - 01/16/09 01:28 PM Re: Servicing Disclosure Revision Amos
HR Banker Offline
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Joined: Oct 2002
Posts: 1,027
So, to put it simply, we don't have to use the new servicing disclosure until April, right??

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#1112257 - 01/16/09 02:24 PM Re: Servicing Disclosure Revision HR Banker
waldensouth Offline
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waldensouth
Joined: Nov 2001
Posts: 7,983
FINALLY ABOVE the gnat line
I thought the publication by HUD indicated that only the "definition of required Use" provision was delayed until April because of the lawsuit. That provision is separate from the servicing disclosure which is supposed to be in use by today.
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#1112264 - 01/16/09 02:28 PM Re: Servicing Disclosure Revision waldensouth
RR Joker Offline
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The Swamp
that's my understanding as well, walden.
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#1112269 - 01/16/09 02:31 PM Re: Servicing Disclosure Revision HR Banker
renniks Offline
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renniks
Joined: Sep 2003
Posts: 2,162
New England
You have to start using the new disclosure today. That requirement was not delayed.

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#1115406 - 01/22/09 08:21 PM Re: Servicing Disclosure Revision renniks
QCL Offline
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QCL
Joined: May 2002
Posts: 6,259
NW IL
Sure - the form was required LAST Friday, but only now are the questions coming to me....

Can we have multiple "boxes" checked, or must we decided what option we will be doing and only include that on the form?

Does that make sense?
In other words?
Can we include all of the following or ONLY that which applies:
[]We may assign, sell, or transfer the servicing of your loan while the loan is outstanding.
[]We do not service mortgage loans of the type for which you applied. We intend to assign, sell, or transfer the servicing of
your mortgage loan before the first payment is due.
[]The loan for which you have applied will be serviced at this financial institution and we do not intend to sell, transfer, or
assign the servicing of the loan.

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#1115413 - 01/22/09 08:25 PM Re: Servicing Disclosure Revision QCL
swiggles Offline
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swiggles
Joined: Aug 2001
Posts: 7,351
You should check the box for what you "intend" to do. You're not bound to it.
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#1115420 - 01/22/09 08:28 PM Re: Servicing Disclosure Revision swiggles
Truffle Royale Offline

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The first one is the safe bet/catchall imho. You 'may' transfer the servicing...then again, you 'may' not. This cya's ya' no matter what.

btw, if you read up you'll see Dan's example where he uses just the one option, not the multiple choice. Then you don't have to worry about who checks what 'cause you're not giving them a choice! wink

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#1115432 - 01/22/09 08:33 PM Re: Servicing Disclosure Revision QCL
Reads Regs Offline
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Joined: Nov 2004
Posts: 2,307
Appendix MS-1 to Part 3500 (Regulation X) states the following:

"INSTRUCTIONS TO PREPARER: Insert the date and select the appropriate language under “Servicing Transfer Information.” The model format may be annotated with further information that clarifies or enhances the model language."

I think if your form lists all three items and precedes them with a box or line that you would check to indicate which one applies you should be okay. You shouldn't be checking more than one box on the form for a particular customer. For most of our loans, we will be checking the first box. We sometimes originate loans under a special state program where once we originate the loan it is sold with servicing released. For these loans, we would be checking the last box.
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#1115441 - 01/22/09 08:36 PM Re: Servicing Disclosure Revision Truffle Royale
swiggles Offline
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swiggles
Joined: Aug 2001
Posts: 7,351
Originally Posted By: Truffle Royale
The first one is the safe bet/catchall imho. You 'may' transfer the servicing...then again, you 'may' not. This cya's ya' no matter what.

btw, if you read up you'll see Dan's example where he uses just the one option, not the multiple choice. Then you don't have to worry about who checks what 'cause you're not giving them a choice! wink


This is in my ever-so-humble opinion......

Our Mortgage Center sells 99.999999% of their loans. I don't think that checking the catch-all box for applications submitted there would be accurate by any stretch of the imagination, because we DO intend to sell all of 'em. Occasionally, however, an investor might reject one (for whatever reason) and we'll have to keep it in house. On the flip-side, loans originated from applications taken by "non-mortgage-center-lenders" will never be sold. That is not our intent and historical data would indicate that this is the case. I don't think the catch all statement would be an accurate representation for these loans. Of course, your bank may operate in an entirely different manner, whereby you truly don't know, at application, what your intent might be.
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The more you sweat in training, the less you bleed in battle.......

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