Servicing Guide

Published November 10, 2020

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What must be included in a written agreement or Evaluation Notice for a Repayment Plan?

The servicer must prepare a written agreement or Evaluation Notice in accordance with Repayment Plan Terms in D2-3.2-02, Repayment Plan.

Subject to compliance with applicable law, the written agreement or Evaluation Notice must comply with the requirements shown in the following table.

The written agreement or Evaluation Notice must include...
 

The terms of the agreement, including, as applicable:

  • the repayment schedule for making additional payment when the borrower resumes regular monthly payments, and

    the date by which the default will be cured and the mortgage loan will be brought current under the terms of the repayment plan.

  • Any other information as required by applicable law.

 

A provision that permits the servicer to initiate or resume foreclosure if the terms of the agreement are not satisfied by the borrower.

 

For any second lien mortgage loan, a provision for automatic termination of the relief plan when the first lien mortgage loan goes into foreclosure

In the case of a written agreement or Evaluation Notice that is not signed by the borrower, unless prohibited by law, the servicer must include appropriate language to provide that, by making a payment under or acting in accordance with the terms of the agreement, the borrower is further confirming the borrower’s agreement to the terms specified in the written agreement or Evaluation Notice.

For more information please see F-1-17, Processing a Repayment Plan

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