A borrower in a loss mitigation review has spoken to 6 different representatives, none of whom knows what the last one said. What contact arrangement must the covered servicer provide to coordinate the borrower’s loss mitigation review?
Correct Answer
A) A single point of contact is owed: 1 team with the file and the answers
A servicer establishes a single point of contact, an individual or team with access to the borrower's file and the ability to give accurate information and coordinate the review. Other choices: interchangeable representatives are the problem the requirement addresses; the duty arises during the review rather than after a denial; and logging calls is not the same as continuity. Source: Cal. Civ. Code § 2923.7
Why This Is the Correct Answer
A servicer establishes a single point of contact, an individual or team with access to the borrower's file and the ability to give accurate information and coordinate the review. Other choices: interchangeable representatives are the problem the requirement addresses; the duty arises during the review rather than after a denial; and logging calls is not the same as continuity. Source: Cal. Civ. Code § 2923.7
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