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#2264479 - 01/07/22 08:55 PM Covid Rules Effective 8-31-21 - Small Servicers
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Joined: Sep 2001
Posts: 440
Do the Covid rules effective 8-31-21 of 1024.41(f)(3) apply to small servicers?

I'm looking at the exemptions in 1024.30(b) that "Except as otherwise provided in § 1024.41(j), §§ 1024.38 through 41 of this subpart shall not apply to the following: (1) A servicer that qualifies as a small servicer pursuant to 12 CFR 1026.41(e)(4);"

And 1024.41(j) states "Small servicer requirements. A small servicer shall be subject to the prohibition on foreclosure referral in paragraph (f)(1) of this section. A small servicer shall not make the first notice or filing required by applicable law for any judicial or non-judicial foreclosure process and shall not move for foreclosure judgment or order of sale, or conduct a foreclosure sale, if a borrower is performing pursuant to the terms of an agreement on a loss mitigation option.

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Mortgage Servicing Rules
#2264483 - 01/07/22 09:17 PM Re: Covid Rules Effective 8-31-21 - Small Servicers Compliance Poster
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,223
Galveston, TX
I do not read it as 1024.41(f)(3) applying to a small servicer.
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#2264492 - 01/07/22 10:45 PM Re: Covid Rules Effective 8-31-21 - Small Servicers rlcarey
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I didn't either. Randy, thanks.

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