Truth in Lending: 2.6.5.3 Status and Liability of Servicers
TILA incorporates the Real Estate Settlement Procedures Act definition of servicer as “the person responsible for servicing of a loan (including the person who makes or holds a loan if such person also services the loan),” with exceptions for certain governmental agencies.243 A servicer can be a creditor under TILA if it meets the two-part definition of “creditor.”244 This situation arises when the creditor services its own loan, even if it subsequently assigns the loan to another party and reta