§ 1005.701. Section 184 Guaranteed Loan servicing generally.
122 words·~1 min read·
/us/cfr/t24/s§ 1005.701·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
This subpart identifies the servicing requirements for Section 184 Guaranteed Loans. All Section 184 Guaranteed Loans must be serviced by Section 184 approved Servicers, including Section 184 Guaranteed Loans owned by Holders. Holders are responsible for all servicing actions, including the acts of its Servicers. Servicers are responsible for their actions in servicing Section 184 Guaranteed Loans, including actions taken on behalf of, or at the direction of, the Holder. Failure to comply with this subpart may result in the reduction of the Claims amount in accordance with subpart H of this part or may subject Holder and/or Servicer to sanctions pursuant to subpart I.
Holders and Servicers must comply with all applicable Tribal, Federal, and State requirements related to mortgage servicing.