Example - Assume that a borrower started a loss mitigation application with Servicer
A, sent all the documents requested in the five day acknowledgment notice, and the
documents were received by Servicer A on March 15.
Servicer A provides the borrower a written notice of complete application on March
20 but then transfers the loan to Servicer B on April 10 without having evaluated
the application.
Servicer B must evaluate the application and notify the borrower of its decision
within 30 days of the transfer date or May 10.
If Servicer B needs more information to complete its evaluation, Servicer B must
request that information by May 10 and must treat the application as if it was
complete on March 15, the date the facially complete application was received by
Servicer A.
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Review of Complete Application Example
