Mortgage Servicing and Loan Modifications: 3.8.2.4 Reasonable Deadline for Completing an Incomplete Application
In setting a “reasonable date” in the section 1024.41(b)(2) notice for completing the application, the CFPB’s official interpretations issued in connection with the 2013 rule instructed servicers that the deadline should preserve the “maximum borrower rights,” except when the selection of a particular deadline would be “impracticable” for the borrower to comply.984 The CFPB suggested that, generally, it would be impracticable to require a borrower to obtain and submit documents in less than seven days.