mortgage loan accountingFederal law requires mortgage lenders to provide true and accurate details about the loans they seek to enforce. If you are a borrower, you should request, on a regular basis, that your lender provide accurate accounting on the details of your mortgage loan which is required under federal law.

If they are overcharging you or the details are not correct, you MUST IMMEDIATELY move to enforce your rights and demand proper accounting.

If you expect a foreclosure or other action is imminent, using the mortgage loan accounting information you obtain can be very helpful.

Below is a sample of the letter you should send:

Re:      Request for Information Pursuant to Section 1024.36 of Regulation X and Request for Owner and, if applicable, the Master Servicer of Loan

To Whom It May Concern

This is a Request for Information related your servicing of the mortgage loan of the above-named borrowers. It is also a request for the name, address, and telephone number of the owner of the mortgage loan, and, if applicable, the master servicer of the mortgage loan.  Unless otherwise specified herein, all references herein are to Regulation X, Subpart C, Mortgage Servicing.

Pursuant to 15. U.S.C. §1641(f)(2), you must provide to the borrowers the name, address, and telephone number of the owner of the mortgage loan and, if applicable, the master servicer of the mortgage loan.

Pursuant to 12 C.F.R. §1024.36(c) of Regulation X, you must within five (5) days (excluding legal public holidays, Saturdays and Sundays) provide our office with a response to this Request acknowledging receipt of this information request.

Pursuant to 12 C.F.R§1024.36(d)(ii)(2)(A), not later than ten (10) days (excluding public holidays, Saturdays and Sundays) after you receive this request for information you must provide us with the identify of, and address or other relevant contact information for the owner of the mortgage loan identified herein. For all of the other information requested herein, and except as otherwise noted in red below, and pursuant to §1024.36(d)(ii)(2)(B), you must respond not later than thirty (30) days (excluding legal public holidays, Saturdays and Sundays) after you receive this request for information.

Please provide the following information within the time periods noted herein:

  1. The identity of and address for the current owner of the mortgage loan identified herein.
  2. The identity of and address for the master servicer of the mortgage loan identified herein.
  3. The identify of and address for the current servicer of the mortgage loan identified herein.
  4. An exact reproduction of the life of loan mortgage transactional history for this loan on the system of record used by the servicer. For purposes of identification, the life of loan transactional history means any software program or system by which the servicer records the current mortgage balance, the receipt of all payments, the assessment of any late fees or charges, and the recording of any corporate advances for any fees or charges including but not limited to property inspection fees, broker price opinion fees, legal fees, escrow fees, processing fees, technology fees, or any other collateral charge. Also, to the extent this life of loan transactional history includes in numeric or alpha-numeric codes, please attach a complete list of all such codes and state in plain English a short description for each such code.
  5. An exact reproduction of the manually prepared XLS worksheet for the mortgage loan in this case prepared by one or more employees of the current mortgage servicer for the mortgage loan identified herein.
  6. A detailed summary of all corporate advances made against the mortgage loan identified herein that you consider to be non-recoverable as against the obligors of the mortgage loan identified herein.
  7. A detailed summary of all corporate advances made against the mortgage loan identified herein that you consider to be recoverable against the obligors of the mortgage loan identified herein.
  8. Copies of all property inspection reports for the mortgage loan identified herein.
  9. Copies of all broker price opinions for the mortgage loan identified herein.
  10. A current and itemized statement of the amount needed to payoff the mortgage loan identified herein in full.  This payoff must be provided within 10 days of the date of your receipt of this Request.
  11. A current and itemized statement of the amount needed to reinstate to a current status the mortgage loan identified herein.  This statement must be provided within 10 days of the date of your receipt of this Request.
  12. A copy of all information you have provided to any consumer reporting agency with respect to the status of the mortgage loan identified herein within the 12 month period prior to your receipt of this request for information.
  13. A detailed copy of your last two analysis of the escrow account of the mortgage loan identified herein.
  14. If you have forced placed insurance, as described in 12 C.F.R§ 1024.37 of Regulation X, then please attach a copy of the master insurance policy and of the check or wire transfer for any funds you advanced to pay for the same.  Also, identify and state the amount of any commission or fee the servicer received for force-placing such insurance and produce the 30 day and 45 day notice letters to the Borrowers  herein before such insurance was placed and an advance charged for the premium.
  15. Please state all facts that your relied on that led you to believe that the obligors of the mortgage loan identified herein failed to comply with the mortgage loan contract’s requirement to maintain hazard insurance on the subject real property.
  16. Please attach copies of any and all other written notices you provided to the obligors the mortgage loan identified herein before you forced placed the hazard insurance.
  17. A copy of the current mortgage note for the mortgage loan identified herein.
  18. Copies of all lost mitigation rules, polices or procedures that are applicable to the mortgage loan identified herein.

Check out these posts:

A Foreclosure Trial That Shows The Battle We Face…Does This Even Remotely Sound Like Neutrality?

Troubling Allegations of Document Irregularities in Pasco County Foreclosure Cases….(Tampa Times)

One Comment

  • Mark Bowen says:

    The problem I see with this is that most, if not all, information is being requested of a servicer. In the case of a securitized loan, it’s not the servicer’s, or master servicer’s, records, that are relevant; the trustee’s records should be required. Most Pooling and Servicing Agreements mandate that in the event timely payments aren’t made, the master servicer is to advance those payments. If only the first (defaulted) payment is made in the trustee’s account, then the default is nullified and the Complaint (in a judicial foreclosure state) is a sham pleading regardless of the issue of relationship in privity with the Trust (which in most cases was never funded).

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