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Regs on Ceasing Communication w/ Borrower

Answered by: 

Question: 
What regulations address ceasing communication with a borrower if requested, or if we receive notification that they are represented by an attorney? We are reviewing our Loss Mitigation process.
Answer: 

It is more of a legal issue than a regulatory issue. Failure to meet such a request would likely increase collection costs and hostility as this is a precursor to some type of legal action such as bankruptcy or a civil suit.

First published on 10/07/2018

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