I know RESPA is a HUD law...which would be federal, but is anyone aware of anything related to RESPA state laws??

Most states have parallel laws to federal regulations (for those entities that are state licensed/regulated outside of the federal umbrella.)

As an example, NJ has a law governing escrow accounting. See NJSA 17:16F-15 et seq.

Well, I have a loan officer telling me that NY requires that we still get a signed acknowledgement that the servicing disclosure was provided. I can't find any reference to that anywhere.

I would ask the LO to provide you with the citation in law then. If he is has this knowledge then he should be able to produce it much quicker than you can research it!

3500.21 has that information, but I believe that the law cancelled-out the regulation.


(c) Servicing Disclosure Statement and Applicant Acknowledgement; delivery. The lender, table funding mortgage broker, or dealer that anticipates a first lien dealer loan shall deliver Servicing Disclosure Statements to each applicant for mortgage servicing loans. Each applicant or co-applicant must sign an Acknowledgement of receipt of the Servicing Disclosure Statement before settlement.
(1) In the case of a face-to-face interview with one or more applicants, the Servicing Disclosure Statement shall be delivered at the time of application. An applicant present at the interview may sign the Acknowledgment on his or her own behalf at that time. An applicant present at the interview also may accept delivery of the Servicing Disclosure Statement on behalf of the other applicants.
(2) If there is no face-to-face interview, the Servicing Disclosure Statement shall be delivered by placing it in the mail, with prepaid first-class postage, within 3 business days from receipt of the application. If co-applicants indicate the same address on their application, one copy delivered to that address is sufficient. If different addresses are shown by co-applicants on the application, a copy must be delivered to each of the co-applicants.
(3) The signed Applicant Acknowledgment(s) shall be retained for a period of 5 years after the date of settlement as part of the loan file for every settled loan. There is no requirement for retention of Applicant Acknowledgment(s) if the loan is not settled.

Thank you so much. But, now how do I figure out if it was cancelled?

Look to the Act it self. 2605(a):

2605: Servicing of mortgage loans and administration of escrow accounts (01/03/07)

(a) Disclosure to applicant relating to assignment, sale, or transfer of loan servicing

Each person who makes a federally related mortgage loan shall disclose to each person who applies for the loan, at the time of application for the loan, whether the servicing of the loan may be assigned, sold, or transferred to any other person at any time while the loan is outstanding.

Also read the following letter:

http://www.federalreserve.gov/boarddocs/caletters/2003/0309/caltr0309.htm


And finally see the changes that took effect on 1/16/09 to 3500.21. The acknowledgment requirement is no longer stated in the regulation.

Southern Banker quoted the prior version of Reg. X. Here is the amended text of Reg. X, which was effective 1/16/09, regarding the servicing disclosure. There is no requirement for a signed acknowledgement.

"(b) Servicing Disclosure Statement; Requirements . (1) At the time an application for a mortgage servicing loan is submitted, or within 3 business days after submission of the application, the lender, mortgage broker who anticipates using table funding, or dealer who anticipates a first lien dealer loan shall provide to each person who applies for such a loan a Servicing Disclosure Statement. A format for the Servicing Disclosure Statement appears as Appendix MS–1 to this part. The specific language of the Servicing Disclosure Statement is not required to be used. The information set forth in “Instructions to Preparer” on the Servicing Disclosure Statement need not be included with the information given to applicants, and material in square brackets is optional or alternative language. The model format may be annotated with additional information that clarifies or enhances the model language. The lender, table funding mortgage broker, or dealer should use the language that best describes the particular circumstances.

(2) The Servicing Disclosure Statement must indicate whether the servicing of the loan may be assigned, sold, or transferred to any other person at any time while the loan is outstanding. If the lender, table funding mortgage broker, or dealer in a first lien dealer loan will engage in the servicing of the mortgage loan for which the applicant has applied, the disclosure may consist of a statement that the entity will service such loan and does not intend to sell, transfer, or assign the servicing of the loan. If the lender, table funding mortgage broker, or dealer in a first lien dealer loan will not engage in the servicing of the mortgage loan for which the applicant has applied, the disclosure may consist of a statement that such entity intends to assign, sell, or transfer servicing of such mortgage loan before the first payment is due. In all other instances, the disclosure must state that the servicing of the loan may be assigned, sold or transferred while the loan is outstanding.

(c) Servicing Disclosure Statement; Delivery . The lender, table funding mortgage broker, or dealer that anticipates a first lien dealer loan shall deliver the Servicing Disclosure Statement within 3 business days from receipt of the application by hand delivery, by placing it in the mail, or, if the applicant agrees, by fax, e-mail, or other electronic means. In the event the borrower is denied credit within the 3 business-day period, no servicing disclosure statement is required to be delivered. If co-applicants indicate the same address on their application, one copy delivered to that address is sufficient. If different addresses are shown by co-applicants on the application, a copy must be delivered to each of the co-applicants."

I'm not familiar with NY State law so I don't know if there is a NY requirement to have the document signed. If you have a federal charter, perhaps you can rely on preemption of state law.