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Re: Small Servicer exemption under Mortgage Servicing Rules

Home Forums Dodd-Frank Act Small Servicer exemption under Mortgage Servicing Rules Re: Small Servicer exemption under Mortgage Servicing Rules

#3114
kjgreen
Member

We are in question on whether or not we fall under the small servicer exemption. We have far fewer than 5,000 mortgage loans, but we take payments for a “scholarship loan fund” started by a local attorney. We receive payments, but we do not take the action of a creditor or do any IRS reporting. We do not fund the loans, however some of them are secured by the borrower’s principal residence. Thoughts?