A borrower misses the payment due 1 April and has still not paid by 1 May, which is the 31st day of delinquency. Assuming no early-intervention exemption applies, what live-contact effort and written-notice deadlines apply?
Correct Answer
D) Live contact by day 36, and a written notice by day 45 of delinquency
A servicer makes good faith efforts at live contact by the 36th day of delinquency and sends the written early intervention notice by the 45th. Other choices: swapping the two dates gets the order wrong; 120 days is when the first notice of foreclosure may be filed, not when contact begins; and putting live contact after day 90 leaves the borrower alone for three months. See 12 CFR 1024.39. Source: 12 CFR 1024.39
Why This Is the Correct Answer
A servicer makes good faith efforts at live contact by the 36th day of delinquency and sends the written early intervention notice by the 45th. Other choices: swapping the two dates gets the order wrong; 120 days is when the first notice of foreclosure may be filed, not when contact begins; and putting live contact after day 90 leaves the borrower alone for three months. See 12 CFR 1024.39. Source: 12 CFR 1024.39
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