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Mortgage Servicing and Loan Modifications: E.2.5 Sample Request for Information About a Loss Mitigation Application

The sample form request for information below can be used to seek information about a borrower’s request for loss mitigation. Under the Regulation X provision implementing 12 U.S.C. § 2605(e) of the Real Estate Settlement Procedures Act, effective January 10, 2014, a written inquiry that requests information with respect to the borrower’s mortgage loan is referred to as “request for information.”6 Appropriate alterations based on your client’s situation must be made before sending the following sample notice and request.

Mortgage Servicing and Loan Modifications: E.2.7 Sample Request for Information Under RESPA to Obtain Identity of Mortgage Owner

This sample form written request can be used to obtain from a mortgage servicer information about the owner of the borrower’s mortgage. This information is particularly useful in determining the proper party in foreclosure proceedings, for exercising rescission rights, for naming the proper party in bankruptcy lien strip off and claim objection proceedings, and for effectuating service of process on the mortgage owner in litigation matters.

[date]

[mortgage servicer]

Mortgage Servicing and Loan Modifications: E.2.8 Limited Request for Information from Successor in Interest

This form can be used by a successor in interest to ask the servicer to provide the description of any documents needed to confirm successor status.13 Because of difficulties getting servicers to communicate with third parties authorized by successors in interest, especially before their status is confirmed, it may be best for the successor to send this request directly (rather than the attorney send it).14 Appropriate alterations based on your client’s situation must be made before sending the samp

Mortgage Servicing and Loan Modifications: G.1 Generalized Glossary

Compliments of AFFIL partners: Center for Responsible Lending and the National Consumer Law Center. Italicized words are separately defined within this subsection.

Ability to Repay. A review before loan origination by a lender of the borrower’s ability to repay the loan based on underwriting standards, as required by the Truth in Lending Act and state law for certain loans.

Mortgage Servicing and Loan Modifications: G.2 Specialized Glossary of Mortgage Servicing Terms

The following is a glossary of terms related to the servicing of consumer mortgages. Advocates may find this glossary helpful in understanding mortgage escrow statements, loan histories, and other client account documents obtained through discovery or in response to a qualified written request under the Real Estate Settlement Procedures Act (RESPA). It includes abbreviations that commonly appear on account statements. However, these account documents often contain numerical codes and other cryptic notations used by servicers to designate particular account transactions.

Mortgage Servicing and Loan Modifications: E.3.4 Sample Change Rate Notice for ARM

This is a sample Change Rate Notice for an adjustable rate mortgage.

[mortgage company]

[date]

Loan: [number]

Dear: [name]

Effective with your [date] payment the interest rate on your mortgage loan will be adjusted, as required by your Mortgage Note. Please refer to your Note for details on how we are required to compute your new rate, or call our Customer Service Department at 1-800-555-5555.

Consumer Arbitration Agreements: Introduction

Millions of consumer purchases take place each year. Occasionally, these transactions lead to disagreements between consumers and businesses. These disputes can be resolved by arbitration. Arbitration is usually faster and cheaper than going to court.

Consumer Arbitration Agreements: R-2. Starting Arbitration under an Arbitration Agreement in a Contract

(a) Arbitration filed under an arbitration agreement naming the AAA shall be started in the following manner:

(1) The party who starts the arbitration (referred to as the “claimant” throughout the arbitration) must contact, in writing, the party that the case is filed against (referred to as the “respondent” throughout the arbitration) that it wishes to arbitrate a dispute. This written contact is referred to as the Demand for Arbitration (“Demand”). The Demand must do the following:

Consumer Arbitration Agreements: R-23. Enforcement Powers of the Arbitrator

The arbitrator may issue any orders necessary to enforce the provisions of rules R-21 and R-22 and to otherwise achieve a fair, efficient, and economical resolution of the case, including, but not limited to:

(a) an order setting the conditions for any exchange or production of confidential documents and information, and the admission of confidential evidence at the hearing in order to preserve such confidentiality;

Consumer Arbitration Agreements: R-24. Written Motions (except for Dispositive Motions—see R-33)

The arbitrator may consider a party’s request to file a written motion (except for Dispositive Motions—see R-33) only after the parties and the arbitrator conduct a conference call to attempt to resolve the issue that gives rise to the proposed motion. Only after the parties and the arbitrator hold the call may the arbitrator consider a party’s request to file a written motion. The arbitrator has the sole discretion to allow or deny the filing of a written motion and his or her decision is final.

Consumer Arbitration Agreements: R-25. Representation of a Party

Any party may participate in the arbitration without representation, or may be represented by counsel or other authorized representative, unless such choice is prohibited by applicable law. A party intending to be represented shall give the opposing party and the AAA the name, address, and contact information of the representative at least three business days before the hearing where that representative will first appear in the case.

Consumer Arbitration Agreements: R-26. Setting the Date, Time, and Place (the physical site of the hearing within the designated locale) of Hearing

The arbitrator will set the date, time, and place for each hearing within the locale as determined in R-11. A hearing may be by telephone or in person. For their part, the parties commit to

(1) respond promptly to the arbitrator when he or she asks what dates the parties are available to have the hearings;

(2) cooperate in the scheduling of the hearing on the earliest possible date; and

Consumer Arbitration Agreements: R-27. Written Record of Hearing

(a) If a party wants a written record of the hearing, that party must make such arrangement directly with a stenographer (court reporter) and notify the opposing parties, the AAA, and the arbitrator of these arrangements at least three business days before the hearing. The party or parties who request the written record shall pay the cost of the service.

(b) No other type of recording will be allowed unless the parties agree or the arbitrator directs a different form of recording.