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#2112755 - 12/30/16 08:37 PM Periodic Statements
Mel in WA Offline
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Joined: Mar 2013
Posts: 1,266
If we are considered a "small servicer" under the current mortgage servicing rules and therefore are not required to provide the enhanced periodic statement, are we exempt from the new periodic statement requirements effective October 2017?

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Mortgage Servicing Rules
#2112782 - 12/30/16 09:57 PM Re: Periodic Statements Mel in WA
StevenD Offline
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StevenD
Joined: Nov 2000
Posts: 489
KY
Yes.
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#2112796 - 12/30/16 10:59 PM Re: Periodic Statements Mel in WA
Mel in WA Offline
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Joined: Mar 2013
Posts: 1,266
Thanks, Steven D.....I thought so, but didn't want to assume.

Happy New Year!

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#2112956 - 01/04/17 02:26 PM Re: Periodic Statements Mel in WA
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
Yes, and note that the exemption criteria for small servicers are being relaxed just a skosh. See https://www.bankersonline.com/regulations/12-1026-041#e4 , where the changes to § 1026.41(e)(4)(iii), effective 10/19/2017, have been posted.
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#2112979 - 01/04/17 04:19 PM Re: Periodic Statements Mel in WA
Bec Offline
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Bec
Joined: Jul 2010
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The Great White North
I love "skosh"!
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#2113200 - 01/05/17 07:58 PM Re: Periodic Statements Mel in WA
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
Interesting derivation. It's evidently slang via Korean War armed forces, from Japanese "sukoshi," -- few, little, some.
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#2114771 - 01/19/17 07:46 PM Re: Periodic Statements Mel in WA
raitchjay Offline
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Joined: Oct 2009
Posts: 9,108
OK
I have been unable to delve into servicing much yet.....for small servicers, what is changing in regards to the servicing rules?
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