Servicing Guide

Published September 9, 2020

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D2-2-09: Additional Borrower Contact Requirements for the Servicer of a Second Lien Mortgage Loan (12/16/2015)

This topic contains the following:

 

Sending a Payment Reminder Notice

The servicer of a second lien mortgage loan must mail a payment reminder notice immediately after the due date of the first unpaid installment to inform the borrower that a late charge will be assessed if the payment is not received by a specified date. If the payment is not received by the date specified, the servicer must send the borrower a Borrower Solicitation Letter (Form 745), or equivalent, stating the amount of late charges due.

 

Contacting the Servicer of the First Lien Mortgage Loan

The servicer of a second lien mortgage loan must contact the servicer of the first lien mortgage loan if it has not heard from the borrower by the 17th day of delinquency to determine

  • the status of the first lien mortgage loan, and

  • any action that the first lien mortgage loan servicer is contemplating.

 

Sending a Breach or Acceleration Letter

The servicer of a conventional second lien mortgage loan must send the borrower a breach or acceleration letter at least 30 days before foreclosure proceedings begin.

When the servicer has information that the property has been abandoned or that the borrower has displayed an obvious lack of concern for the mortgage loan obligation, the breach or acceleration letter must be sent at the earliest possible date, but no later than the 45th day of delinquency.

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