Finance
A Mississippi borrower is 60 days past due on their mortgage. Under the Mortgage Servicing Rules (Regulation X — RESPA), the servicer must:
AImmediately begin foreclosure
BProvide early intervention notices, assign a single point of contact, and evaluate loss mitigation options before beginning foreclosure✓ Correct
CAccept partial payments indefinitely
DNotify MREC of the delinquency
Explanation
CFPB's Mortgage Servicing Rules (Reg X) require servicers to make good-faith efforts to contact borrowers early in delinquency, provide information about loss mitigation options, assign a dedicated point of contact, and evaluate all loss mitigation applications before initiating or continuing foreclosure. These rules protect borrowers from premature foreclosure.
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