source:
  type: regulation
  id: reg-x-1024.38
  authority: 12 CFR §1024.38 — General servicing policies, procedures, and requirements
  description: 'Regulation X §1024.38 requires mortgage servicers to maintain reasonable

    policies and procedures designed to achieve enumerated servicing

    objectives, plus standard record-retention and servicing-file requirements.

    '
obligations:
- id: reg-x-1024.38-a
  canonical_id: reg-x-1024.38-a
  section: 12 CFR §1024.38(a)
  description: '(a): (a) Reasonable policies and procedures. A servicer shall maintain policies and procedures
    that are reasonably designed to achieve the objectives set forth in paragraph (b) of this section.'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 12 CFR §1024.38(a)
    source_class: cfpb-regulation
    source_url: https://www.law.cornell.edu/cfr/text/12/1024.38
    snapshot_id: e798251e6d65500d
    fetched_at: '2026-05-22T11:32:17Z'
    content_hash: sha256:5973de9b9d4ad5dfa548843c2d7f42789d717fe5f1093335da5b3b267ca12c35
    paragraph_quote: (a) Reasonable policies and procedures. A servicer shall maintain policies and procedures
      that are reasonably designed to achieve the objectives set forth in paragraph (b) of this section.
    drafter_attestation: Verbatim subsection of 12 CFR §1024.38 from Cornell LII snapshot e798251e6d65500d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: reg-x-1024.38-b
  canonical_id: reg-x-1024.38-b
  section: 12 CFR §1024.38(b)
  description: '(b): (b) Objectives —(1) Accessing and providing timely and accurate information. The
    policies and procedures required by paragraph (a) of this section shall be reasonably designed to
    ensure that the servicer can:'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 12 CFR §1024.38(a)
    source_class: cfpb-regulation
    source_url: https://www.law.cornell.edu/cfr/text/12/1024.38
    snapshot_id: e798251e6d65500d
    fetched_at: '2026-05-22T11:32:17Z'
    content_hash: sha256:5973de9b9d4ad5dfa548843c2d7f42789d717fe5f1093335da5b3b267ca12c35
    paragraph_quote: '(b) Objectives —(1) Accessing and providing timely and accurate information. The
      policies and procedures required by paragraph (a) of this section shall be reasonably designed to
      ensure that the servicer can:'
    drafter_attestation: Verbatim subsection of 12 CFR §1024.38 from Cornell LII snapshot e798251e6d65500d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: reg-x-1024.38-i
  canonical_id: reg-x-1024.38-i
  section: 12 CFR §1024.38(i)
  description: '(i): (i) Provide accurate and timely disclosures to a borrower as required by this subpart
    or other applicable law; (ii) Investigate, respond to, and, as appropriate, make corrections in response
    to complaints asserted by a borrower; (iii) Provide a borrower with accurate and timely information
    and docum…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 12 CFR §1024.38(a)
    source_class: cfpb-regulation
    source_url: https://www.law.cornell.edu/cfr/text/12/1024.38
    snapshot_id: e798251e6d65500d
    fetched_at: '2026-05-22T11:32:17Z'
    content_hash: sha256:5973de9b9d4ad5dfa548843c2d7f42789d717fe5f1093335da5b3b267ca12c35
    paragraph_quote: (i) Provide accurate and timely disclosures to a borrower as required by this subpart
      or other applicable law; (ii) Investigate, respond to, and, as appropriate, make corrections in
      response to complaints asserted by a borrower; (iii) Provide a borrower with accurate and timely
      information and documents in response to the borrower's requests for information with respect to
      the borrower's mortgage loan ; (iv) Provide owners or assignees of mortgage loans with accurate
      and current information and documents about all mortgage loans they own;
    drafter_attestation: Verbatim subsection of 12 CFR §1024.38 from Cornell LII snapshot e798251e6d65500d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: reg-x-1024.38-v
  canonical_id: reg-x-1024.38-v
  section: 12 CFR §1024.38(v)
  description: '(v): (v) Submit documents or filings required for a foreclosure process, including documents
    or filings required by a court of competent jurisdiction, that reflect accurate and current information
    and that comply with applicable law; and (vi) (A) Upon receiving notice of the death of a borrower
    or of any…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 12 CFR §1024.38(a)
    source_class: cfpb-regulation
    source_url: https://www.law.cornell.edu/cfr/text/12/1024.38
    snapshot_id: e798251e6d65500d
    fetched_at: '2026-05-22T11:32:17Z'
    content_hash: sha256:5973de9b9d4ad5dfa548843c2d7f42789d717fe5f1093335da5b3b267ca12c35
    paragraph_quote: '(v) Submit documents or filings required for a foreclosure process, including documents
      or filings required by a court of competent jurisdiction, that reflect accurate and current information
      and that comply with applicable law; and (vi) (A) Upon receiving notice of the death of a borrower
      or of any transfer of the property securing a mortgage loan , promptly facilitate communication
      with any potential or confirmed successors in interest regarding the property; (B) Upon receiving
      notice of the existence of a potential successor in interest , promptly determine the documents
      the servicer reasonably requires to confirm that person ''s identity and ownership interest in the
      property and promptly provide to the potential successor in interest a description of those documents
      and how the person may submit a written request under § 1024.36(i) (including the appropriate address);
      and (C) Upon the receipt of such documents, promptly make a confirmation determination and promptly
      notify the person , as applicable, that the servicer has confirmed the person ''s status, has determined
      that additional documents are required (and what those documents are), or has determined that the
      person is not a successor in interest . (2) Properly evaluating loss mitigation applications. The
      policies and procedures required by paragraph (a) of this section shall be reasonably designed to
      ensure that the servicer can:'
    drafter_attestation: Verbatim subsection of 12 CFR §1024.38 from Cornell LII snapshot e798251e6d65500d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: reg-x-1024.38-i
  canonical_id: reg-x-1024.38-i
  section: 12 CFR §1024.38(i)
  description: '(i): (i) Provide accurate information regarding loss mitigation options available to a
    borrower from the owner or assignee of the borrower''s mortgage loan ; (ii) Identify with specificity
    all loss mitigation options for which borrowers may be eligible pursuant to any requirements established
    by an owner …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 12 CFR §1024.38(a)
    source_class: cfpb-regulation
    source_url: https://www.law.cornell.edu/cfr/text/12/1024.38
    snapshot_id: e798251e6d65500d
    fetched_at: '2026-05-22T11:32:17Z'
    content_hash: sha256:5973de9b9d4ad5dfa548843c2d7f42789d717fe5f1093335da5b3b267ca12c35
    paragraph_quote: (i) Provide accurate information regarding loss mitigation options available to a
      borrower from the owner or assignee of the borrower's mortgage loan ; (ii) Identify with specificity
      all loss mitigation options for which borrowers may be eligible pursuant to any requirements established
      by an owner or assignee of the borrower's mortgage loan ; (iii) Provide prompt access to all documents
      and information submitted by a borrower in connection with a loss mitigation option to servicer
      personnel that are assigned to assist the borrower pursuant to § 1024.40 ; (iv) Identify documents
      and information that a borrower is required to submit to complete a loss mitigation application
      and facilitate compliance with the notice required pursuant to § 1024.41(b)(2)(i)(B) ; and
    drafter_attestation: Verbatim subsection of 12 CFR §1024.38 from Cornell LII snapshot e798251e6d65500d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: reg-x-1024.38-v
  canonical_id: reg-x-1024.38-v
  section: 12 CFR §1024.38(v)
  description: '(v): (v) Properly evaluate a borrower who submits an application for a loss mitigation
    option for all loss mitigation options for which the borrower may be eligible pursuant to any requirements
    established by the owner or assignee of the borrower''s mortgage loan and, where applicable, in accordance
    with …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 12 CFR §1024.38(a)
    source_class: cfpb-regulation
    source_url: https://www.law.cornell.edu/cfr/text/12/1024.38
    snapshot_id: e798251e6d65500d
    fetched_at: '2026-05-22T11:32:17Z'
    content_hash: sha256:5973de9b9d4ad5dfa548843c2d7f42789d717fe5f1093335da5b3b267ca12c35
    paragraph_quote: '(v) Properly evaluate a borrower who submits an application for a loss mitigation
      option for all loss mitigation options for which the borrower may be eligible pursuant to any requirements
      established by the owner or assignee of the borrower''s mortgage loan and, where applicable, in
      accordance with the requirements of § 1024.41 . (vi) Promptly identify and obtain documents or information
      not in the borrower''s control that the servicer requires to determine which loss mitigation options,
      if any, to offer the borrower in accordance with the requirements of § 1024.41(c)(4) . (3) Facilitating
      oversight of, and compliance by, service providers. The policies and procedures required by paragraph
      (a) of this section shall be reasonably designed to ensure that the servicer can:'
    drafter_attestation: Verbatim subsection of 12 CFR §1024.38 from Cornell LII snapshot e798251e6d65500d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: reg-x-1024.38-i
  canonical_id: reg-x-1024.38-i
  section: 12 CFR §1024.38(i)
  description: '(i): (i) Provide appropriate servicer personnel with access to accurate and current documents
    and information reflecting actions performed by service providers; (ii) Facilitate periodic reviews
    of service providers , including by providing appropriate servicer personnel with documents and information
    nec…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 12 CFR §1024.38(a)
    source_class: cfpb-regulation
    source_url: https://www.law.cornell.edu/cfr/text/12/1024.38
    snapshot_id: e798251e6d65500d
    fetched_at: '2026-05-22T11:32:17Z'
    content_hash: sha256:5973de9b9d4ad5dfa548843c2d7f42789d717fe5f1093335da5b3b267ca12c35
    paragraph_quote: '(i) Provide appropriate servicer personnel with access to accurate and current documents
      and information reflecting actions performed by service providers; (ii) Facilitate periodic reviews
      of service providers , including by providing appropriate servicer personnel with documents and
      information necessary to audit compliance by service providers with the servicer ''s contractual
      obligations and applicable law; and (iii) Facilitate the sharing of accurate and current information
      regarding the status of any evaluation of a borrower''s loss mitigation application and the status
      of any foreclosure proceeding among appropriate servicer personnel, including any personnel assigned
      to a borrower''s mortgage loan account as described in § 1024.40 , and appropriate service provider
      personnel, including service provider personnel responsible for handling foreclosure proceedings.
      (4) Facilitating transfer of information during servicing transfers. The policies and procedures
      required by paragraph (a) of this section shall be reasonably designed to ensure that the servicer
      can:'
    drafter_attestation: Verbatim subsection of 12 CFR §1024.38 from Cornell LII snapshot e798251e6d65500d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: reg-x-1024.38-i
  canonical_id: reg-x-1024.38-i
  section: 12 CFR §1024.38(i)
  description: '(i): (i) As a transferor servicer , timely transfer all information and documents in the
    possession or control of the servicer relating to a transferred mortgage loan to a transferee servicer
    in a form and manner that ensures the accuracy of the information and documents transferred and that
    enables a tr…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 12 CFR §1024.38(a)
    source_class: cfpb-regulation
    source_url: https://www.law.cornell.edu/cfr/text/12/1024.38
    snapshot_id: e798251e6d65500d
    fetched_at: '2026-05-22T11:32:17Z'
    content_hash: sha256:5973de9b9d4ad5dfa548843c2d7f42789d717fe5f1093335da5b3b267ca12c35
    paragraph_quote: (i) As a transferor servicer , timely transfer all information and documents in the
      possession or control of the servicer relating to a transferred mortgage loan to a transferee servicer
      in a form and manner that ensures the accuracy of the information and documents transferred and
      that enables a transferee servicer to comply with the terms of the transferee servicer 's obligations
      to the owner or assignee of the mortgage loan and applicable law; and (ii) As a transferee servicer
      , identify necessary documents or information that may not have been transferred by a transferor
      servicer and obtain such documents from the transferor servicer . (iii) For the purposes of this
      paragraph (b)(4), transferee servicer means a servicer , including a master servicer or a subservicer
      , that performs or will perform servicing of a mortgage loan and transferor servicer means a servicer
      , including a master servicer or a subservicer , that transfers or will transfer the servicing of
      a mortgage loan . (5) Informing borrowers of the written error resolution and information request
      procedures. The policies and procedures required by paragraph (a) of this section shall be reasonably
      designed to ensure that the servicer informs borrowers of the procedures for submitting written
      notices of error set forth in § 1024.35 and written information requests set forth in § 1024.36.
    drafter_attestation: Verbatim subsection of 12 CFR §1024.38 from Cornell LII snapshot e798251e6d65500d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: reg-x-1024.38-c
  canonical_id: reg-x-1024.38-c
  section: 12 CFR §1024.38(c)
  description: '(c): (c) Standard requirements —(1) Record retention. A servicer shall retain records
    that document actions taken with respect to a borrower''s mortgage loan account until one year after
    the date a mortgage loan is discharged or servicing of a mortgage loan is transferred by the servicer
    to a transferee s…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 12 CFR §1024.38(a)
    source_class: cfpb-regulation
    source_url: https://www.law.cornell.edu/cfr/text/12/1024.38
    snapshot_id: e798251e6d65500d
    fetched_at: '2026-05-22T11:32:17Z'
    content_hash: sha256:5973de9b9d4ad5dfa548843c2d7f42789d717fe5f1093335da5b3b267ca12c35
    paragraph_quote: '(c) Standard requirements —(1) Record retention. A servicer shall retain records
      that document actions taken with respect to a borrower''s mortgage loan account until one year after
      the date a mortgage loan is discharged or servicing of a mortgage loan is transferred by the servicer
      to a transferee servicer . (2) Servicing file. A servicer shall maintain the following documents
      and data on each mortgage loan account serviced by the servicer in a manner that facilitates compiling
      such documents and data into a servicing file within five days:'
    drafter_attestation: Verbatim subsection of 12 CFR §1024.38 from Cornell LII snapshot e798251e6d65500d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: reg-x-1024.38-i
  canonical_id: reg-x-1024.38-i
  section: 12 CFR §1024.38(i)
  description: '(i): (i) A schedule of all transactions credited or debited to the mortgage loan account,
    including any escrow account as defined in § 1024.17(b) and any suspense account; (ii) A copy of the
    security instrument that establishes the lien securing the mortgage loan ; (iii) Any notes created
    by servicer per…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 12 CFR §1024.38(a)
    source_class: cfpb-regulation
    source_url: https://www.law.cornell.edu/cfr/text/12/1024.38
    snapshot_id: e798251e6d65500d
    fetched_at: '2026-05-22T11:32:17Z'
    content_hash: sha256:5973de9b9d4ad5dfa548843c2d7f42789d717fe5f1093335da5b3b267ca12c35
    paragraph_quote: (i) A schedule of all transactions credited or debited to the mortgage loan account,
      including any escrow account as defined in § 1024.17(b) and any suspense account; (ii) A copy of
      the security instrument that establishes the lien securing the mortgage loan ; (iii) Any notes created
      by servicer personnel reflecting communications with the borrower about the mortgage loan account;
      (iv) To the extent applicable, a report of the data fields relating to the borrower's mortgage loan
      account created by the servicer 's electronic systems in connection with servicing practices; and
    drafter_attestation: Verbatim subsection of 12 CFR §1024.38 from Cornell LII snapshot e798251e6d65500d;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: reg-x-1024.38-v
  canonical_id: reg-x-1024.38-v
  section: 12 CFR §1024.38(v)
  description: '(v): (v) Copies of any information or documents provided by the borrower to the servicer
    in accordance with the procedures set forth in § 1024.35 or § 1024.41 . [ 78 FR 10876 , Feb. 14, 2013,
    as amended at 81 FR 72372 , Oct. 19, 2016] CFR Toolbox Law about... Articles from Wex Table of Popular
    Names Para…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 12 CFR §1024.38(a)
    source_class: cfpb-regulation
    source_url: https://www.law.cornell.edu/cfr/text/12/1024.38
    snapshot_id: e798251e6d65500d
    fetched_at: '2026-05-22T11:32:17Z'
    content_hash: sha256:5973de9b9d4ad5dfa548843c2d7f42789d717fe5f1093335da5b3b267ca12c35
    paragraph_quote: (v) Copies of any information or documents provided by the borrower to the servicer
      in accordance with the procedures set forth in § 1024.35 or § 1024.41 . [ 78 FR 10876 , Feb. 14,
      2013, as amended at 81 FR 72372 , Oct. 19, 2016] CFR Toolbox Law about... Articles from Wex Table
      of Popular Names Parallel Table of Authorities Accessibility About LII Contact us Advertise here
      Help Terms of use Privacy
    drafter_attestation: Verbatim subsection of 12 CFR §1024.38 from Cornell LII snapshot e798251e6d65500d;
      body isolated between nav and notes; substring-verified.
  judgment: false
