Posted By: Katherine
Partial Payment Policy Disclosure 1026.39(d)(5) - 11/27/18 03:11 AM
If we are selling the loan or transferring service, are we required to include the partial payment policy of the new lender/servicer in our notice to the consumer that their loan is being transferred/sold? 1026.39(d)(5) appears to apply to the lender acquiring the servicing or purchasing the loan.
Additionally, if we do not sell the loan, in the first payment coupon/notice that we give to the borrower , am I correct in that we do not have to state our partial payment policy since that info is on the CD?
Additionally, if we do not sell the loan, in the first payment coupon/notice that we give to the borrower , am I correct in that we do not have to state our partial payment policy since that info is on the CD?