A Georgia servicer loses a 2026 payment for 3 weeks and says no specific rule names that failure. Does the general reasonable-skill-and-care standard apply to the handling of the payment?
Correct Answer
D) A standard applies: servicers act with reasonable skill and care
The first servicing standard is a general one: a servicer shall act with reasonable skill, care and diligence, which sits alongside the specific duties rather than being exhausted by them. Other choices: treating the list as exhaustive ignores the general standard at the head of it; back-dating the credit is a remedy rather than an answer; and effect on the credit report is not an element. Source: Ga. Comp. R. & Regs. 80-11-6-.02(2)(a)
Why This Is the Correct Answer
The first servicing standard is a general one: a servicer shall act with reasonable skill, care and diligence, which sits alongside the specific duties rather than being exhausted by them. Other choices: treating the list as exhaustive ignores the general standard at the head of it; back-dating the credit is a remedy rather than an answer; and effect on the credit report is not an element. Source: Ga. Comp. R. & Regs. 80-11-6-.02(2)(a)
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