My bank has a borrower who has not responded to the bank’s request for proof of updated hazard insurance for her mortgage loan as the loan agreement requires. The bank is preparing to send the 45-day notice required under the Real Estate Settlement Procedures Act (Regulation X) to begin the process of force-placing insurance.
QMay the bank add other information such as all branch hours to the notice language required under §1024.37(c)(2)?
AThe only additional information the bank may add to the model Regulation X language is the mortgage loan account number. However, the bank may provide additional information to a borrower on “separate pieces of paper” in the same transmittal. (See §1024.37(c)(3) and (4)).
For more information, contact ABA’s Rhonda Castaneda.
Please note that this section is not a substitute for professional legal advice.