Section 7723 - Loan Servicing Requirements(a) Recipients shall develop and employ a loan servicing plan that has been submitted to and approved by the Department as addressing the following topics: (1) Process for monitoring the requirement of owner-occupancy,(2) Annual review of hazard and flood insurance,(3) Timely payment of property taxes and assessments,(4) Accounting for repayment of CalHome Program loans,(5) Properly calculating payoffs,(7) Reconveyance of deeds of trust,(8) Collection of CalHome Program notes in default or foreclosure,(b) If loan servicing will be performed under a contract with a third party, that third party must be in the business of performing loan servicing; and(c) Recipients shall be required to enter into a long term monitoring agreement with the Department allowing Department monitoring of loan servicing for compliance with these regulations.Cal. Code Regs. Tit. 25, § 7723
1. New section filed 9-29-2003; operative 9-29-2003 pursuant to Government Code section 11343.4 (Register 2003, No. 40).
2. New subsection (a) filed 6-4-2004; operative 7-4-2004 (Register 2004, No. 23). Note: Authority cited: Sections 50406(n) and 50650.2, Health and Safety Code. Reference: Sections 50650.3(b), 50650.4 and 50650.7, Health and Safety Code.
1. New section filed 9-29-2003; operative 9-29-2003 pursuant to Government Code section 11343.4 (Register 2003, No. 40).
2. New subsection (a) filed 6-4-2004; operative 7-4-2004 (Register 2004, No. 23).