Cx17905 “Notice of Servicing Transfer” is given to the borrower to comply with the requirements of 12 CFR § 1024.33(b). In addition to these requirements, Ill. Admin. Code tit. 38, § 1050.820(c)(6) specifies that the notice must include “the name and address of the primary regulatory authority having jurisdiction over the residential lending activities of the entity to whom payments are to be sent.” This was previously complied with by providing the address of the Illinois Department of Financial & Professional Regulation on Cx17905 for all Illinois loans. However, it has come to our attention that there may be circumstances where the subject property is in Illinois, but the primary regulatory authority may be located in a different state.
To assist in providing more accurate primary regulatory authority information for such cases, we have created a series of five fields:
- Servicer Regulator Agency Name – (Field Index 101169)
- Servicer Regulator Agency Street – (Field Index 101170)
- Servicer Regulator Agency City – (Field Index 101171)
- Servicer Regulator Agency Zip – (Field Index 101172)
- Servicer Regulator Agency State – (Field Index 101173)
If the name of the regulatory agency is populated, the new address fields will also be used on Cx17905. If the Servicer Regulator Agency fields are not used, the current name and address of the Illinois Department of Financial & Professional Regulation will continue to print on the document.
These changes will be made available tomorrow, October 6, 2015. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
October 5, 2015