1. Information Requests – The 2016 Amendments create a new
information request that allows potential successors to obtain a
description of the documents the servicer reasonably requires for
confirmation. Servicers must respond no later than the deadlines for
other information requests.
2. Communication and Evaluation – Servicers must establish
policies and procedures reasonably designed to ensure that they can:
a. Promptly facilitate communication with potential successors upon notice
of a borrower death or property transfer.
b. Promptly provide a potential successor with a description of the
documents the servicer reasonably requires for confirmation, and
c. Promptly notify a potential successor of the servicer's confirmation
decision.
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Confirming Successors
