Mortgage Servicing and Loan Modifications: 3.8.7.3 When Does the 120-Day Period Begin?
The 2013 RESPA servicing rule initially contained a definition of “delinquency,” but it was intended to apply to the section 1024.39 early intervention requirements and the section 1024.40(a) continuity of contact requirements, but not to the section 1024.41 loss mitigation requirements or as a general definition for other provisions of subpart C of Regulation X.1235 To ensure that the term “delinquency” is interpreted consistently throughout Regulation X’s mortgage servicing rules, the 2016 mortgage servicing rule added a definition of del