Servicing Guide

Published September 9, 2020

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What are the servicer's responsibilities when sending a payment reminder notice on second lien mortgage loan?

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

For more information please see: D2-2-09, Additional Borrower Contact Requirements for the Servicer of a Second Lien Mortgage Loan.

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