Answer by David Dickinson: My understanding of the HOC rules is that before EVERY time they become 45 days past due, you must provide the HOC notice. Unfortunate, isn't it?
Answer by Andy Zavoina: There are many opportunities to become delinquent in a 30 year mortgage and there could be long gaps between this happening. For this reason I could see the recurring requirement, especially in a law that was so on-again, off-again.
If you can incorporate the brief wording in your notices, you wouldn't worry about this again.
First published on BankersOnline.com 12/1/03