Servicing Guide

Published September 9, 2020

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What are the servicer requirements when a sending a notice of decision on a workout option after receipt of a borrower response package?

The servicer must review and evaluate a complete borrower response package (BRP) and communicate a decision to the borrower by sending an Evaluation Notice within five days after making the decision, but no later than 30 days following the receipt of a complete borrower response package (BRP). See servicing guide section E-3.4-01, Suspending Foreclosure Proceedings for Workout Negotiations for evaluation requirements during foreclosure proceedings.

While use of an Evaluation Notice is optional, it reflects a minimum level of information that the servicer must communicate and illustrates a level of specificity that complies with the requirements of this Guide. The following table provides the requirements for the Evaluation Notice.

The Evaluation Notice must...
 

Be written in clear, concise language.

 

Identify whether the borrower is receiving an offer of a workout option and, if so, the decision for the workout option that is being offered to the borrower.

 

Provide the steps the borrower must take to participate in or accept any offer.

 

Provide a 14-day time frame for the borrower to accept or decline the workout option or inform the servicer of the borrower’s intent to accept the workout option, if applicable.

  Include all other disclosures required by applicable law.

An acceptance by the borrower of a workout option may be in the form of verbal or written communication, or receipt of a payment, if applicable. The type of acceptance may vary based on the status of the foreclosure action of the mortgage loan.

For more information please see: D2-2-05, Receiving a Borrower Response Package.

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