Posted By: LostinRegLand
Previously identified SII have to be reconfirmed? - 04/30/18 06:29 PM
Do the Successor in Interest rules that went into effect 4/19/18 have to be applied to existing loans with a successor in interest were we had followed 1024.38(b)(1)(vi)--(Upon notification of the death of a borrower, promptly identify and facilitate communication with the successor in interest of the deceased borrower with respect to the property secured by the deceased borrower's mortgage loan.) and we had procedures in place for confirming their ownership interest in the property.
For example a loan we have the mom passed away, son became the point of contact and is making the loan payments. Do we need to confirm him under the new rules for him to be a confirmed successor in interest and receive all of the benefits listed in 1024.30(d)?
Sorry if this has been answered. I searched previous threads and did a quick look at the Federal Register but did not find my answer.
For example a loan we have the mom passed away, son became the point of contact and is making the loan payments. Do we need to confirm him under the new rules for him to be a confirmed successor in interest and receive all of the benefits listed in 1024.30(d)?
Sorry if this has been answered. I searched previous threads and did a quick look at the Federal Register but did not find my answer.