(A) Triggering events for transitioning to modified and unmodified statements that are periodic. A servicer transitions to supplying a statement that is periodic voucher guide utilizing the customizations established in paragraph (f) for this part or even to supplying a regular declaration or coupon guide without such changes whenever one of several after three activities happens:
1. Section f this is certainly 1026.41( becomes relevant or ceases to utilize. Section 1026.41(e)(5)(iv) sets forth the timeframe by which a servicer must definitely provide a regular declaration or voucher guide for the first time after home financing loan either becomes topic to what’s needed of § 1026.41(f) or ceases to be susceptible to certain requirements of § 1026.41(f). Home financing loan becomes susceptible to the needs of § f that is 1026.41( whenever, as an example, any customer in the home loan becomes a debtor in bankruptcy or discharges liability that is personal the home loan. Home financing loan may stop become at the mercy of the needs of § 1026.41(f) whenever, for instance, the customer in bankruptcy reaffirms liability that is personal a home loan or even the customer’s bankruptcy situation is closed or dismissed without having the consumer having released individual obligation for the home loan. See comment 41(f)-6.
2. Servicer ceases to qualify for an exemption. Read More