Mortgage servicing examination procedures

This update incorporates additional risks to consumers identified since the last revision and also reflects risks related to changes in how mortgage servicers handle loss mitigation in light of COVID-related changes.

Summary

After completing the risk assessment and examination scoping, examiners should use these procedures, in conjunction with the compliance management system review procedures, to conduct a mortgage servicing examination.

The examination procedures contain a series of modules, grouping similar requirements together. Depending on the scope, each examination will cover one or more of the following modules:

• Module 1 Servicing Transfers, Loan Ownership Transfers, and Escrow Disclosures
• Module 2 Payment Processing and Account Maintenance
• Module 3 Consumer Inquiries, Complaints, and Error Resolution Procedures
• Module 4 Maintenance of Escrow Accounts and Insurance Products
• Module 5 Credit Reporting
• Module 6 Information Sharing and Privacy

• Module 7 Collections and Accounts in Bankruptcy
• Module 8 Loss Mitigation, Early Intervention, and Continuity of Contact

• Module 9 Foreclosures

Module 10 Examiner Conclusions and Wrap-Up