(iv) Timing of conformity following change —

(A) Triggering events for transitioning to modified and unmodified regular statements. A servicer transitions to supplying a statement that is periodic voucher guide utilizing the customizations established in paragraph (f) of the area or even to supplying a regular declaration or voucher guide without such customizations whenever one of several after three occasions happens:

1. Section f this is certainly 1026.41( becomes relevant or ceases to utilize. Section 1026.41(e)(5)(iv) sets forth the timeframe in which a servicer must make provision for a regular declaration or voucher guide for the first time after home financing loan either becomes topic to certain requirements of § 1026.41(f) or ceases to be susceptible to certain requirements of § 1026.41(f). Home financing loan becomes susceptible to certain requirements of § 1026.41(f) whenever, as an example, any customer in the real estate loan becomes a debtor in bankruptcy or discharges personal obligation for the home loan. Home financing loan may stop to be susceptible to the needs of § 1026.41(f) whenever, as an example, the buyer in bankruptcy reaffirms liability that is personal a home loan or even the customer’s bankruptcy situation is closed or dismissed with no customer having released individual obligation when it comes to real estate loan. See remark 41(f)-6.

2. Servicer ceases to be eligible for an exemption. Section 1026.41(e)(5)(iv) sets forth the timeframe by which a servicer must make provision for a statement that is periodic voucher guide for the very first time after a servicer ceases to be eligible for an exemption pursuant to § 1026.41(e)(5)(i) with regards to a home loan loan. A servicer ceases to be eligible for a an exemption pursuant to § 1026.41(e)(5)(i) pertaining to a home loan loan whenever, for instance:

I. The buyer’s bankruptcy instance is dismissed or closed minus the customer having discharged liability that is personal the real estate loan;

Ii. The buyer files an amended bankruptcy plan or declaration of intention providing you with, as relevant, for the maintenance of re re payments due underneath the home loan therefore the payment of pre-petition arrearage or that the buyer will wthhold the dwelling securing the mortgage loan;

Iii. A customer makes a partial or payment that is periodic the home mortgage inspite of the customer in bankruptcy having filed a declaration of intention pinpointing an intent to surrender the dwelling securing the real estate loan, hence making § 1026.41(e)(5)(i)(B)(4) inapplicable;

Iv. The customer in bankruptcy reaffirms individual obligation for the home mortgage; or

V. The customer submits a written demand pursuant to § 1026.41(e)(ii) that the servicer application supplying a statement that is periodic voucher guide.

(1) home financing loan becomes susceptible to what’s needed of paragraph (f) with this area;

(2) home financing loan ceases become susceptible to what’s needed of paragraph installment loans online colorado (f) with this area; or

(3) A servicer ceases to qualify for the exemption pursuant to paragraph ( ag e)(5)(i) with this area with regards to a home loan loan.

(B) Single-statement exemption. At the time of the date by which one of several occasions placed in paragraph (age)(5)(iv)(A) of this part does occur, a servicer is exempt through the needs of the area according to the next regular declaration or voucher guide that could otherwise be needed but thereafter must make provision for modified or unmodified regular statements or voucher books that comply with all the demands of the area.

1. Timing. The exemption in § ( this is certainly 1026.41(e)(iv)(B) pertains with regards to an individual statement that is periodic voucher guide following a conference listed in § 1026.41(e)(5)(iv)(A). Each payment due date is on the first day of the month following its respective billing cycle, and each payment due date has a 15-day courtesy period for example, assume that a mortgage loan has a monthly billing cycle. In this situation:

I. If a meeting listed in § 1026.41(e)(5)(iv)(A) does occur on October 6, before the end associated with the 15-day courtesy duration given to the October 1 re payment deadline, in addition to servicer have not yet supplied a regular declaration or coupon guide for the payment period having a November 1 re re payment deadline, the servicer is exempt from supplying a periodic declaration or voucher guide for that payment cycle. The servicer is necessary thereafter to resume supplying regular statements or voucher books that comply with all the requirements of § 1026.41 by providing a modified or unmodified regular declaration or voucher guide for the payment cycle with a December 1 re re re payment deadline in just a fairly prompt time after November 1 or even the conclusion associated with 15-day courtesy duration given to the November 1 re re payment deadline. See § 1026.41(b).

Ii. If a meeting listed in § 1026.41(e)(5)(iv)(A) does occur on October 20, following the end associated with the 15-day courtesy duration given to the October 1 payment deadline, therefore the servicer timely supplied a regular declaration or voucher guide for the payment period with all the November 1 payment deadline, the servicer is not needed to correct the periodic statement or voucher guide currently supplied and is exempt from supplying the next regular declaration or voucher guide, which can be one that would otherwise be needed for the billing cycle by having a December 1 re payment date that is due. The servicer is needed thereafter to resume supplying regular statements or voucher publications that comply with all the requirements of § 1026.41 by giving a modified or unmodified regular declaration or coupon guide for the payment period by having a January 1 re payment deadline in just a fairly prompt time after December 1 or even the end regarding the 15-day courtesy duration given to the December 1 re payment date that is due. See § 1026.41(b).

2. Duplicate voucher books not necessary. In case a servicer provides a voucher guide as opposed to a regular declaration under § 1026.41(e)(3), § 1026.41 requires the servicer to produce a coupon that is new after among the occasions listed in § 1026.41(e)(5)(iv)(A) does occur simply to the degree the servicer has not yet formerly supplied the buyer by having a voucher guide that covers the billing cycle that is upcoming.

3. Subsequent triggering activities. The exemption that is single-statement § 1026.41(e)(5)(iv)(B) might use more often than once over the lifetime of that loan. For instance, assume the exemption applies beginning on April 14 since the customer files for bankruptcy on that date while the bankruptcy plan provides that the customer will surrender the dwelling, such that the real estate loan becomes susceptible to what’s needed of § 1026.41(f). See § 1026.41(e)(5)(iv)(A)(1). A)(2) if the consumer later exits bankruptcy on November 2 and has not discharged personal liability for the mortgage loan pursuant to 11 U.S.C. 727, 1141, 1228, or 1328, such that the mortgage loan ceases to be subject to the requirements of § 1026.41(f), the single-statement exemption would apply again beginning on November 2. See § 1026.41(e)(5)(iv)(.