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A borrower submits a complete loss mitigation application 40 days before a scheduled foreclosure sale. Under Reg X, the servicer generally must:
a.Evaluate the application and not proceed to foreclosure sale while it is pending review
b.Ignore the application because foreclosure has started
c.Immediately deny all options
d.Charge a review fee before evaluating
Giải thích
Regulation X's loss mitigation procedures generally prohibit a servicer from proceeding to a foreclosure sale (the 'dual tracking' prohibition) while a complete loss mitigation application submitted more than 37 days before the sale is pending evaluation. The servicer must review the application and give the borrower an opportunity to accept or appeal an offer before moving forward.
Trích dẫn luật: Real Estate Settlement Procedures Act (Reg X servicing rules)Luyện miễn phí toàn bộ 400 câu hỏi — không cần đăng ký.
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