CFPB Presentation

2016 CFPB Servicing Amendments

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Non-Borrower Information - If a servicer needs information from a party other than the borrower to make a loss mitigation decision, the servicer must exercise reasonable diligence to obtain it. If the servicer doesn't have essential third-party information within 30 days of receiving a complete application from the borrower, the servicer must delay the loss mitigation decision and must provide the borrower a written notice that states, among other things: The specific documents or information the servicer lacks, That the servicer has requested the documents or information, and That the servicer will complete the evaluation promptly upon receipt. 23 Notice Of Missing Non-Borrower Information

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