SERVICING DISCLOSURE STATEMENT

Effective January 16, 2009

Final rules under the Real Estate Settlement Procedures Act (RESPA) issued on November 17, 2008 contained a revision to the requirements for the Servicing Disclosure Statement, effective January 16, 2009. The ruling greatly simplifies the information to be disclosed, which no longer must include specifics on the lender's loan transfer practices (for example: the percentage of servicing transferred during previous years), or notices on complaint resolution. The provision simply states "the Servicing Disclosure Statement must indicate whether the servicing of the loan may be assigned, sold, or transferred to any other person at any time while the loan is outstanding."  For additional reference, see the text of the ruling as published in the Federal Register, as well as the appendix outlining a suggested format for the disclosure.

MBS-ProClose has revised our Mortgage Servicing Transfer Disclosure, form AANBN1, to conform to the new requirements. In addition, the Lender Servicing Information on ProClose screens has been modified to remove all questions no longer needed for the disclosure. Going forward the form will "X" the appropriate servicing intention based on the answer to the question: "Intend to Service Loan (Y)es (N)o (M)aybe."  For ProClose Classic clients only, your Client Support Rep has also modified your loan plan defaults to answer this question in accordance with your previous servicing history.  ProClose Classic clients will receive the changes once their update button is hit.  ProClose Platinum clients will automatically see all changes upon their next Platinum login.