share$447,125
Oriental Bank pays $447,125 for flood insurance violations
Issued by FDIC
1024.30—Scope (before 10/3/2015).
NOTE: This page shows the wording of this section of the regulation before the 10/3/2015 effective date of the TRID Rule. It includes then-pending changes.
(a) In general. Except as provided in paragraphs (b) and (c) of this section, this subpart applies to any mortgage loan, as that term is defined in § 1024.31.
(b) Exemptions. Except as otherwise provided in § 1024.41(j), §§ 1024.38 through 41 of this subpart shall not apply to the following:
(1) A servicer that qualifies as a small servicer pursuant to 12 CFR 1026.41(e)(4);
(2) A servicer with respect to any reverse mortgage transaction as that term is defined in § 1024.31; and
(3) A servicer with respect to any mortgage loan for which the servicer is a qualified lender as that term is defined in 12 CFR 617.7000.
Official Interpretation
30(b) Exemptions.
1. Exemption for Farm Credit System institutions. Pursuant to 12 CFR 617.7000, certain servicers may be considered "qualified lenders" only with respect to loans discounted or pledged pursuant to 12 U.S.C. § 2015(b)(1). To the extent a servicer, as defined in RESPA, services a mortgage loan that has not been discounted or pledged pursuant to 12 U.S.C. § 2015(b)(1), and is not subject to the requirements set forth in 12 CFR 617, the servicer may be required to comply with the requirements of §§ 1024.38 through 41 with respect to that mortgage loan.
(c) Scope of certain sections. (1) § 1024.33(a) only applies to mortgage loans that are secured by a first lien.
Editor's Note: Effective October 3, 2015, paragraph (c)(1) is amended to read as follows:
(c) Scope of certain sections. (1) § 1024.33(a) only applies to reverse mortgage transactions.
(2) The procedures set forth in §§ 1024.39 through 41 of this subpart only apply to a mortgage loan that is secured by a property that is a borrower's principal residence.
First published on:
11/30/2015