I am a previous employee of this company. I have monitored, reviewed and tried to answer some of the questions and concerns raised by consumers about the company and their questionable business tactics.
I have not defended the company or attempted to shelter them from scrutiny but have advocated obtaining knowledge and taking steps to better understand the industry and protect yourselves as the consumer. With that in mind, I provide the following information to perhaps assist some of you in voicing your concerns and arming yourselves with appropriate knowledge.
I am enclosing only information that I feel is pertinent to the majority of concerns raised on this website. If you desire to have the entire Senate Bill it is available on the internet.
Please pay particular attention to Section 4 as listed below as it appears to be the Section that contains the most information which is questioned by most consumers.
This information is as follows:
Committee bill no. 5080
an act concerning disclosures by mortgage servicing companies.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Sec. 2. (NEW) (Effective October 1) At least twenty-four hours before the closing of a first mortgage loan, the mortgage lender shall notify the mortgagor of the name and mailing address of the mortgage servicing company, if any, that will receive payments of interest and principal in connection with the mortgage.
Sec. 3. (NEW) (Effective October 1) If the mortgage servicing company that receives payments of interest and principal in connection with any first mortgage loan changes, the mortgage servicing company that will assume responsibility for servicing the first mortgage loan shall notify the mortgagor, at least sixty days prior to assuming responsibility for servicing the mortgagor's loan, of such mortgage servicing company's name and mailing address, and shall provide all information required to be provided to a mortgagor pursuant to section 4 of this act.
Any such mortgage servicing company shall, at least thirty days prior to assuming responsibility for servicing the mortgagor's loan, notify the Commissioner of Banking, in electronic format, as prescribed by the commissioner. If any such mortgage servicing company fails to provide such notice to the mortgagor, the commissioner, or both the mortgagor and the commissioner, such mortgage servicing company shall be prohibited, for twelve months from the date that such company assumes responsibility for servicing such mortgage, from charging the mortgagor any fees other than the principal and interest payments and any late fees as specified in the original mortgage document.
Sec. 4. (NEW) (Effective October 1) Each mortgage servicing company that receives payments of interest and principal in connection with a first mortgage loan shall provide to the mortgagor: (1) A schedule of fees that may be imposed on the mortgagor by the company; (2) notice of any inspections to be performed by or for the benefit of the company that will be charged to the mortgagor; (3) the circumstances in which the mortgagor may be responsible for payment of attorney's fees for services provided to the company and a schedule of such fees; (4) any company requirements concerning insurance to be carried by the mortgagor, and any company policy that permits the company to obtain such insurance for the mortgagor and charge the mortgagor for said insurance if the mortgagor is unable to obtain such insurance; (5) a street address to which the mortgagor may send correspondence; (6) a local or toll-free telephone number that the mortgagor may call with questions or complaints; (7) the real estate brokerage fees that may be realized by the company in the event of foreclosure; and (8) notification of any change in the information previously provided pursuant to subdivisions (1) to (7), inclusive, of this subsection.
Sec. 5. (NEW) (Effective October 1) Any mortgage servicing company that violates the provisions of section 3 or 4 of this act shall be guilty of a class D felony.
Sec. 6. (NEW) (Effective October 1) The Commissioner of Banking may report to the Chief State's Attorney the name of any mortgage servicing company that, in the commissioner's opinion, has (1) violated the provisions of section 3 or 4 of this act, for prosecution pursuant to section 5 of this act, or (2) systematically and flagrantly violated section 3 or 4 of this act and therefore violated chapter 949c of the general statutes. - END
I hope that his information helps those of you to whom it applies.
Samuel
Savannah, Georgia
U.S.A.
0 comments