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#11176 - 10/26/00 03:25 AM Mortgage Servicing Disclosures

What is the latest word on Mortgage Servicing Transfer disclosures? Is it okay to just comply with the amended statute and provide very abbreviated disclosures, or is it still necessary to abide by the outdated language in the regulation and give the quartile percentage info?

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#11177 - 10/30/00 06:10 PM Re: Mortgage Servicing Disclosures
A D Virr Offline
Gold Star
Joined: Oct 2000
Posts: 398
Derry, NH
FDIC stated in a letter dated 8/8/2000 addressed to Tanya Duncan/Mass Bankers Assoc. that the new format for the MSD proposed by HUD and published in the Federal Register 5/9/97 that until HUD finalizes the proposed regulation, institutions supervised by FDIC may satisfy the mortgage servicing disclosure by complying with the streamlined disclosure contained in the revised statute.
Reference 62 FR 25744 appearing Friday May 9, 1997. If you use that format FDIC says it's okay. If you want use the old form and just fill out the appropriate section, check with your regional office.

Allan D. Virr, CRCM

Allan D. Virr, CRCM,CRP
Compliance Audit Solutions, LLC

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