Definition of Delinquency
The 2016 Amendments include a definition of delinquency for the
purpose of counting the period of time applicable for certain loss
mitigation requirements in Regulation X, such as early intervention
and the 120-day prohibition on making a referral to foreclosure. The
new definition also applies to calculating days of delinquency for
certain disclosures on monthly periodic statements required in
Regulation Z. Finally, because the delinquency definition only
addresses monetary defaults, the new rule clarifies that a servicer may
still accelerate the loan in accordance with the mortgage based on
other contractual breaches.
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