Colorado § 38-38-103.1 - Single point of contact - servicer to designate - duties - exemption.

§ 38-38-103.1. Single point of contact - servicer to designate - duties - exemption.

(1) No later than the forty-fifth day of a borrower's delinquency, a servicer shall promptly establish a single point of contact for communications with the borrower. The servicer shall do so within the time periods prescribed in, and subject to the other requirements imposed by, federal law and CFPB rules and orders. Once the single point of contact is established, the servicer shall promptly provide to the borrower, in writing, one or more direct means of communication with the single point of contact.

(2) A single point of contact shall:

(a) Provide the borrower with accurate information about:

(I) Loss mitigation options available to the borrower from the owner or assignee of the borrower's mortgage loan;

(II) Actions the borrower must take to be evaluated for loss mitigation options, including actions the borrower must take to submit a complete loss mitigation application and, if applicable, actions the borrower must take to appeal the servicer's determination to deny a borrower's loss mitigation application for any trial or permanent loan modification program offered by the servicer;

(III) The status of any loss mitigation application that the borrower has submitted to the servicer;

(IV) The circumstances under which the servicer may make a referral to foreclosure; and

(V) Applicable loss mitigation deadlines established by an owner or assignee of the borrower's mortgage loan or by section 38-38-103.2;

(b) Retrieve, in a timely manner:

(I) A complete record of the borrower's payment history; and

(II) All written information the borrower has provided to the servicer and, if available, to prior servicers in connection with a loss mitigation application;

(c) Provide the documents and information identified in paragraph (b) of this subsection (2) to other persons required to evaluate a borrower for loss mitigation options made available by the servicer, if applicable; and

(d) Provide a delinquent borrower with information about the procedures for submitting a notice of error or an information request.

(3) A servicer is exempt from this section if the servicer services five thousand or fewer mortgage loans for all of which the servicer, or an affiliate of the servicer, is the creditor or assignee. In determining whether a servicer services five thousand or fewer mortgages, the servicer is evaluated based on the number of mortgage loans serviced by the servicer and any affiliates as of January 1 for the remainder of the calendar year. A servicer that crosses the threshold has six months after crossing the threshold or until the next January 1, whichever is later, to comply with this section.

(4) A servicer who complies with 12 CFR 1024.40, as promulgated by the CFPB, or is exempt from compliance with that regulation under federal law or CFPB rules, regulations, or orders, is deemed in compliance with this section.

Source: L. 2014: Entire section added, (HB 14-1295), ch. 157, p. 547, § 4, effective January 1, 2015.