Servicing Director 13.2 Delivered In-House Loan Coupons & Regulation Z Requirements
The 2013 Truth In Lending Act (TILA) Mortgage Servicing Rule issued by the Consumer Financial Protection Bureau (effective 1/10/2014) allows creditors to elect to provide a mortgage loan coupon book meeting certain content requirements in lieu of providing the new mortgage periodic statement. This exception is permitted only for fixed-rate closed-end mortgage loans.
The NCP Normal export and NCP Year-End export have been modified to include the new content detailed in Regulation Z in order to allow creditors to provide a loan coupon book in lieu of providing the new periodic mortgage statement for fixed-rate mortgage loans.
The delivered In-House Coupons functionality does not contain the content necessary to allow creditors to provide the coupon book in lieu of the periodic statement for fixed-rate mortgage loans. Creditors should provide the new periodic mortgage statement in order to comply with the requirements of TILA effective 1/10/2014.
If you would like to see the In-House Coupons modified so that they can be utilized in lieu of the periodic statement for fixed-rate mortgage loans, please open a support case online in Case Management, and it will be linked and incremented to existing Change request for enhancement CR 166683.
Environment:
Servicing Director 13.2
ArticleNumber:
000053204
Related Articles
Differences Between the Servicing Director Delivered MortgageBot Loan Import and the Professional Services Custom MortgageBot Loan Import
For current versions of Servicing Director, there can be one or two Mortgagebot Loan Imports, and they both can work side-by-side. Before Servicing Director version 16.1, there was only one Servicing Director Mortgagebot Loan Import available, the ...
Explanation of the Servicing Director 206 Periodic Payment Transaction Code Related to Prompt Crediting of Payments Regulation
Regulation Z § 1026.36(c)(1) defines a ‘periodic payment’ for a consumer credit transaction secured by a consumers principal dwelling as a payment sufficient to cover principal, interest, and escrow (if applicable) for a given billing cycle. A ...
Ordering Coupons
If you service loans that have borrowers who pay with coupons (instead of billing statements or via the ACH System), you can order more coupons by performing a series of tasks, one of which includes running the Coupon Export from Event Manager. The ...
Viewing Your Servicing Director License Loan Level
When you purchase Servicing Director, your contract specifies a loan level (loan load or loan limit), set by your Servicing Director license key code. The loan level set by your license tells the system the number of loans that you can process. As ...
Creating a New Servicing Director Loan Template
If you are adding many loans that share the same characteristics, you can use a loan template to save time when you enter profile information for a loan. When you select a template in the loan set up profile screen, Servicing Director completes for ...