Source: https://www.govinfo.gov/content/pkg/USCODE-2017-title12/html/USCODE-2017-title12-chap27-sec2605.htm
Timestamp: 2019-07-20 09:29:56
Document Index: 308938443

Matched Legal Cases: ['§6', '§941', '§312', '§345', '§2103', '§1098', '§1463', '§6', '§5', '§1463']

CHAPTER 27 - REAL ESTATE SETTLEMENT PROCEDURES
Sec. 2605 - Servicing of mortgage loans and administration of escrow accounts
The notice required under paragraph (1) shall be made to the borrower not more than 30 days after the effective date of assignment, sale, or transfer of the servicing of the mortgage loan (with respect to which such notice is made) in any case in which the assignment, sale, or transfer of the servicing of the mortgage loan is preceded by—
The term "servicer" means the person responsible for servicing of a loan (including the person who makes or holds a loan if such person also services the loan). The term does not include—
A servicer of a federally related mortgage shall not—
A servicer may not impose any charge on any borrower for force-placed insurance with respect to any property securing a federally related mortgage unless—
(A) the servicer has sent, by first-class mail, a written notice to the borrower containing—
Within 15 days of the receipt by a servicer of confirmation of a borrower's existing insurance coverage, the servicer shall—
(Pub. L. 93–533, §6, as added Pub. L. 101–625, title IX, §941, Nov. 28, 1990, 104 Stat. 4405; amended Pub. L. 102–27, title III, §312(a), Apr. 10, 1991, 105 Stat. 154; Pub. L. 103–325, title III, §345, Sept. 23, 1994, 108 Stat. 2239; Pub. L. 104–208, div. A, title II, §2103(a), Sept. 30, 1996, 110 Stat. 3009–399; Pub. L. 111–203, title X, §1098(4), title XIV, §1463, July 21, 2010, 124 Stat. 2104, 2182.)
A prior section 2605, Pub. L. 93–533, §6, Dec. 22, 1974, 88 Stat. 1726, related to advanced itemized disclosure of settlement costs by the lender and liability of the lender for failure to comply, prior to repeal by Pub. L. 94–205, §5, Jan. 2, 1976, 89 Stat. 1158.
2010—Subsec. (e)(1)(A). Pub. L. 111–203, §1463(c)(1), substituted "5 days" for "20 days".
1996—Subsec. (a). Pub. L. 104–208 amended heading and text of subsec. (a) generally. Prior to amendment, text consisted of pars. (1) to (3) relating to requirements for lenders of federally related mortgage loans to disclose to applicants whether servicing of such loan may be assigned, sold, or transferred, directed Secretary to develop model disclosure statement, and required signature of applicant on all such disclosure statements.
1994—Subsec. (a)(1)(B). Pub. L. 103–325 substituted "(B) at the choice of the person making a federally related mortgage loan—
1991—Subsec. (j). Pub. L. 102–27 added subsec. (j).