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PASSED Texas HB 213 requiring new disclosure requirements for mortgage servicing

PASSED Texas HB 213 requiring new disclosure requirements for mortgage servicing


The Texas House of Representatives passed a bill that requires new disclosure requirements for mortgage servicing:

By: Rodriguez, Keffer, et al. H.B. No. 213
A BILL TO BE ENTITLED
AN ACT
relating to the duties of a mortgage servicer of certain
residential mortgage loans.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1.  Title 5, Finance Code, is amended by adding
Chapter 397 to read as follows:
CHAPTER 397. RESIDENTIAL MORTGAGE SERVICERS
SUBCHAPTER A. GENERAL PROVISIONS
Sec. 397.001. DEFINITION. In this chapter, “mortgagee” and
mortgage servicer” have the meanings assigned by Section 51.0001,
Property Code.
Sec. 397.002. APPLICABILITY. This chapter applies only to
a loan secured by a first lien on residential real property that:
(1) is not a federally related mortgage loan, as
defined by 12 U.S.C. Section 2602; and
(2) is serviced by a mortgage servicer other than the
mortgagee of the loan.
[Sections 397.003-397.050 reserved for expansion]
SUBCHAPTER B. DEBTOR REQUESTS FOR INFORMATION
Sec. 397.051. RECORDKEEPING. A mortgage servicer shall
maintain written or electronic records of each written request for
information regarding a dispute or error involving the debtor’s
account until the loan is paid in full, otherwise satisfied, or
sold.
Sec. 397.052. PROVISION OF GENERAL INFORMATION ON REQUEST.
(a) A mortgage servicer shall provide the following to a debtor in
response to a debtor’s written request:
(1) a copy of the original note or, if the original
note is unavailable, an affidavit of lost note; and
(2)  a statement that:
(A) identifies and itemizes all fees and charges
assessed under the loan transaction and provides a full payment
history identifying in a clear and conspicuous manner all of the
debits, credits, application of and disbursement of all payments
received from or for the benefit of the debtor, and other activity
on the loan, including any escrow or suspense account activity; and
(B) covers the two years preceding the receipt of
the request or the period for which the servicer has serviced the
loan, whichever is shorter.
(b) If the mortgage servicer claims that delinquent or
outstanding sums were owed on the loan before the two-year period
preceding the receipt of the request under Subsection (a) or before
the servicer began servicing the loan, whichever is shorter, the
servicer shall provide an account history beginning with the
earliest month for which the servicer claims outstanding sums were
owed on the loan and ending on the date of the request for
information. For purposes of this subsection, the date of the
request for information is presumed to be not later than the 30th
day before the date the servicer receives the request.
(c) A mortgage servicer must provide a statement under
Subsection (a) on or before the 25th business day after the date the
servicer receives a written request from the debtor that:
(1) includes or otherwise enables the servicer to
identify the name and account of the debtor; and
(2) includes a statement that the account is or may be
in error or otherwise provides sufficient detail to the servicer
regarding information sought by the debtor.
Sec. 397.053. PROVISION OF INFORMATION REGARDING DISPUTE OR
ERROR. (a) A mortgage servicer shall provide a written statement
to a debtor in response to a debtor’s written request for
information regarding a dispute or error involving the debtor’s
account that includes the following information, if requested:
(1) whether the account is current and an explanation
of any default and the date the account went into default;
(2) the current balance due on the loan, including the
principal due, the amount of any funds held in a suspense account,
the amount of any escrow balance known to the servicer, and whether
there are any escrow deficiencies or shortages known to the
servicer;
(3) the identity, address, and other relevant
information about the current holder, owner, or assignee of the
loan; and
(4) the telephone number and mailing address of a
servicer representative with the information and authority to
answer questions and resolve disputes.
(b) A mortgage servicer must provide a statement under
Subsection (a) on or before the 10th day after the date the servicer
receives a written request from the debtor that:
(1) includes or otherwise enables the servicer to
identify the name and account of the debtor; and
(2) includes a statement that the account is or may be
in error or otherwise provides sufficient detail to the servicer
regarding information sought by the debtor.
[Sections 397.054-397.100 reserved for expansion]
SUBCHAPTER C. REMEDIES
Sec. 397.101. ENFORCEMENT GENERALLY. The Department of
Savings and Mortgage Lending, the attorney general, or any party to
a loan to which this chapter applies may enforce this chapter.
Sec. 397.102. ACTION BY DEBTOR. In addition to any other
legal and equitable remedy available, a debtor injured by a
violation of this chapter may bring an action for recovery of actual
damages, including reasonable attorney’s fees.
SECTION 2.  This Act takes effect September 1, 2011.
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