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A creditor, assignee, or servicer is exempt from the requirements of this section for mortgage loans serviced by a small servicer. A small servicer is a servicer that either: A Services, together with any affiliates, 5, or fewer mortgage loans, for all of which the servicer or an affiliate is the creditor or assignee; or B Is a Housing Finance Agency, as defined in 24 CFR For purposes of this paragraph e 4 ii C , the following definitions apply:.

In determining whether a servicer satisfies paragraph e 4 ii A of this section, the servicer is evaluated based on the mortgage loans serviced by the servicer and any affiliates as of January 1 and for the remainder of the calendar year. In determining whether a servicer satisfies paragraph e 4 ii C of this section, the servicer is evaluated based on the mortgage loans serviced by the servicer as of January 1 and for the remainder of the calendar year.

A servicer that ceases to qualify as a small servicer will have six months from the time it ceases to qualify or until the next January 1, whichever is later, to comply with any requirements from which the servicer is no longer exempt as a small servicer. The following mortgage loans are not considered in determining whether a servicer qualifies as a small servicer:.

A Mortgage loans voluntarily serviced by the servicer for a non-affiliate of the servicer and for which the servicer does not receive any compensation or fees. Mortgage loans considered. Services, together with affiliates, 5, or fewer mortgage loans. First, a servicer, together with any affiliates, must service 5, or fewer mortgage loans.

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Second, a servicer must service only mortgage loans for which the servicer or an affiliate is the creditor or assignee. To be the creditor or assignee of a mortgage loan, the servicer or an affiliate must either currently own the mortgage loan or must have been the entity to which the mortgage loan obligation was initially payable that is, the originator of the mortgage loan.

A servicer services 3, mortgage loans, all of which it or an affiliate owns or originated. An affiliate of the servicer services 4, other mortgage loans, all of which it or an affiliate owns or originated.

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Because the number of mortgage loans serviced by a servicer is determined by counting the mortgage loans serviced by a servicer together with any affiliates, both of these servicers are considered to be servicing 7, mortgage loans and neither servicer is a small servicer. A service services 3, mortgage loans—3, mortgage loans it owns or originated and mortgage loans it neither owns nor originated, but for which it owns the mortgage servicing rights.

The servicer is not a small servicer because it services mortgage loans for which the servicer or an affiliate is not the creditor or assignee, notwithstanding that the servicer services fewer than 5, mortgage loans. Master servicing and subservicing. A servicer that qualifies as a small servicer does not lose its small servicer status if it retains a subservicer, as that term is defined in 12 CFR A subservicer can gain the benefit of the small servicer exemption only if 1 the master servicer, as that term is defined in 12 CFR A subservicer generally will not qualify as a small servicer because it does not own or did not originate the mortgage loans it subservices — unless it is an affiliate of a master servicer that qualifies as a small servicer.

The following examples demonstrate the application of the small servicer exemption for different forms of servicing relationships:. A credit union services 4, mortgage loans, all of which it originated or owns.

The credit union retains a credit union service organization, that is not an affiliate, to subservice 1, of the mortgage loans. The credit union is a small servicer and, thus, can gain the benefit of the small servicer exemption for the 3, mortgage loans the credit union services itself. The credit union service organization is not a small servicer because it services mortgage loans it does not own or did not originate.

Accordingly, the credit union service organization does not gain the benefit of the small servicer exemption and, thus, must comply with any applicable mortgage servicing requirements for the 1, mortgage loans it subservices. A bank holding company, through a lender subsidiary, owns or originated 4, mortgage loans. All mortgage servicing rights for the 4, mortgage loans are owned by a wholly owned master servicer subsidiary.

Servicing for the 4, mortgage loans is conducted by a wholly owned subservicer subsidiary. The bank holding company controls all of these subsidiaries and, thus, they are affiliates of the bank holding company pursuant 12 CFR Because the master servicer and subservicer service 5, or fewer mortgage loans, and because all the mortgage loans are owned or originated by an affiliate, the master servicer and the subservicer both qualify for the small servicer exemption for all 4, mortgage loans. A nonbank servicer services 4, mortgage loans, all of which it originated or owns.

The servicer retains a "component servicer" to assist it with servicing functions.

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The component servicer is not engaged in "servicing" as defined in 12 CFR The component servicer is not a subservicer pursuant to 12 CFR The nonbank servicer is a small servicer and, thus, can gain the benefit of the small servicer exemption with regard to all 4, mortgage loans it services. Nonprofit entity that services 5, or fewer mortgage loans.

First, a nonprofit entity must service 5, or fewer mortgage loans, including any mortgage loans serviced on behalf of associated nonprofit entities. For each associated nonprofit entity, the small servicer determination is made separately, without consideration of the number of loans serviced by another associated nonprofit entity. Second, a nonprofit entity must service only mortgage loans for which the servicer or an associated nonprofit entity is the creditor.

To be the creditor, the servicer or an associated nonprofit entity must have been the entity to which the mortgage loan obligation was initially payable that is, the originator of the mortgage loan. Nonprofit entity A services 3, of its own mortgage loans, and 1, mortgage loans on behalf of associated nonprofit entity B. All 4, mortgage loans were originated by A or B. Associated nonprofit entity C services 2, mortgage loans, all of which it originated. Because the number of mortgage loans serviced by a nonprofit entity is determined by counting the number of mortgage loans serviced by the nonprofit entity including mortgage loans serviced on behalf of associated nonprofit entities but not counting any mortgage loans serviced by an associated nonprofit entity, A and C are both small servicers.

A nonprofit entity services 4, mortgage loans—3, mortgage loans it originated, 1, mortgage loans originated by associated nonprofit entities, and mortgage loans neither it nor an associated nonprofit entity originated. The nonprofit entity is not a small servicer because it services mortgage loans for which neither it nor an associated nonprofit entity is the creditor, notwithstanding that it services fewer than 5, mortgage loans. Loans obtained by merger or acquisition.

Any mortgage loans obtained by a servicer or an affiliate as part of a merger or acquisition, or as part of the acquisition of all of the assets or liabilities of a branch office of a lender, should be considered mortgage loans for which the servicer or an affiliate is the creditor to which the mortgage loan is initially payable.

A branch office means either an office of a depository institution that is approved as a branch by a Federal or State supervisory agency or an office of a for-profit mortgage lending institution other than a depository institution that takes applications from the public for mortgage loans. Timing for small servicer exemption. The following examples demonstrate when a servicer either is considered or is no longer considered a small servicer:.


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A servicer that begins servicing more than 5, mortgage loans or begins servicing one or more mortgage loans it does not own or did not originate on October 1, and services more than 5, mortgage loans or services one or more mortgage loans it does not own or did not originate as of January 1 of the following year, would no longer be considered a small servicer on January 1 of that following year and would have to comply with any requirements from which it is no longer exempt as a small servicer on April 1 of that following year.

A servicer that begins servicing more than 5, mortgage loans or begins servicing one or more mortgage loans it does not own or did not originate on February 1, and services more than 5, mortgage loans or services one or more mortgage loans it does not own or did not originate as of January 1 of the following year, would no longer be considered a small servicer on January 1 of that following year and would have to comply with any requirements from which it is no longer exempt as a small servicer on that same January 1.

A servicer that begins servicing more than 5, mortgage loans or begins servicing one or more mortgage loans it does not own or did not originate on February 1, but services less than 5, mortgage loans or no longer services mortgage loans it does not own or did not originate as of January 1 of the following year, is considered a small servicer for that following year. Mortgage loans not considered in determining whether a servicer is a small servicer. For example, assume a servicer services 5, mortgage loans.

Of these mortgage loans, the servicer owns or originated 4, mortgage loans, voluntarily services mortgage loans that it does not own or did not originate for an unaffiliated nonprofit organization for which the servicer does not receive any compensation or fees, and services reverse mortgage transactions that it does not own and did not originate.

Because the only mortgage loans considered are the 4, mortgage loans owned or originated by the servicer, the servicer is considered a small servicer and qualifies for the small servicer exemption with regard to all 5, mortgage loans it services. Thus, a servicer that does not qualify as a small servicer would not have to provide periodic statements for reverse mortgages and timeshare plans because they are exempt from the rule, but would have to provide periodic statements for mortgage loans it charitably services.

Except as provided in paragraph e 5 ii of this section, a servicer is exempt from the requirements of this section with regard to a mortgage loan if:. A Any consumer on the mortgage loan is a debtor in bankruptcy under title 11 of the United States Code or has discharged personal liability for the mortgage loan pursuant to 11 U.

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A servicer ceases to qualify for an exemption pursuant to paragraph e 5 i of this section with respect to a mortgage loan if the consumer reaffirms personal liability for the loan or any consumer on the loan requests in writing that the servicer provide a periodic statement or coupon book, unless a court enters an order in the bankruptcy case requiring the servicer to cease providing a periodic statement or coupon book.

A servicer may establish an address that a consumer must use to submit a written request under paragraph e 5 i B 1 or ii of this section, provided that the servicer notifies the consumer of the address in a manner that is reasonably designed to inform the consumer of the address.

If a servicer designates a specific address for requests under paragraph e 5 i B 1 or ii of this section, the servicer shall designate the same address for purposes of both paragraphs e 5 i B 1 and ii of this section. A servicer transitions to providing a periodic statement or coupon book with the modifications set forth in paragraph f of this section or to providing a periodic statement or coupon book without such modifications when one of the following three events occurs:.

B Single-statement exemption.

As of the date on which one of the events listed in paragraph e 5 iv A of this section occurs, a servicer is exempt from the requirements of this section with respect to the next periodic statement or coupon book that would otherwise be required but thereafter must provide modified or unmodified periodic statements or coupon books that comply with the requirements of this section. Multiple requests. Effective upon receipt. Bankruptcy case revived. Multiple obligors. For example, assume that two spouses jointly own a home and are primary obligors on the mortgage loan.

One spouse files for chapter 13 bankruptcy and has a bankruptcy plan that provides for surrendering the dwelling that secures the mortgage loan.

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If either spouse, including the one who is not a debtor in bankruptcy, submits a written request to receive a periodic statement or coupon book, the servicer must provide a periodic statement or coupon book for that mortgage loan account. Bankruptcy plan. Statement of intention. Form of periodic statement or coupon book. See comment 41 f Servicer ceases to qualify for an exemption.

The consumer's bankruptcy case is dismissed or closed without the consumer having discharged personal liability for the mortgage loan;.

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