Mortgage Servicing

Question

Servicers must provide delinquent borrowers with access to personnel who can provide delinquent borrowers with information and generally assist with the loss mitigation process. By what name is the requirement known?

Answer 1

The requirement that you are referring to is known as the "Single Point of Contact" (SPOC) requirement. This requirement is part of regulations such as the Consumer Financial Protection Bureau's (CFPB) mortgage servicing rules in the United States.