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#2102715 - 10/12/16 06:11 PM 45 Day Letter
Tessie Offline
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Joined: Jan 2006
Posts: 155
When a homeowner is late on their payment, we send out a Loan Past Due Notice. On this notice is says "If your home secures this loan, you may call -------to obtain a list of HUD approved non profit organizations that can provide homeownership counseling to you."
Do we still need to send a letter out?

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Lending Compliance
#2102742 - 10/12/16 08:11 PM Re: 45 Day Letter Tessie
David Dickinson Offline
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David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
Yes. That's the Homeownership Counseling notice. It's still required by ยง106(c)(5)
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David Dickinson
http://www.bankerscompliance.com

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#2102749 - 10/12/16 08:31 PM Re: 45 Day Letter Tessie
Tessie Offline
100 Club
Joined: Jan 2006
Posts: 155
Sorry have to clear this in my head.

So if the info is basically the same on the Past Due Notice, we still have to send out the letter?
When I looked at 106(c)(5) It says content must notify homeowner of the availability of any homeownership counseling offered by the creditor
AND
Provide either a list of HUD-approved non profit homeownership counseling organization or the toll-free number........

which is the same info we have on our Past Due Notice - not good enough??

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#2102845 - 10/13/16 04:03 PM Re: 45 Day Letter Tessie
David Dickinson Offline
10K Club
David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
What you state on your past due notice is sufficient. That's how most banks to it. You don't need another letter. Just make sure it's on your 30 day past due notice as the borrower has to be informed BEFORE they reach 45 days past due.
_________________________
David Dickinson
http://www.bankerscompliance.com

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