S1706: Servicers and Lenders of Residential Mortgage Loans

Legislative Summary

Requiring that periodic statements for residential mortgage loans follow specified laws; specifying that certain entities are not exempt from such laws; prohibiting a mortgage servicer from assessing certain charges or fees relating to lender-placed insurance on a borrower unless specified requirements are met; requiring mortgage servicers and mortgage lenders to assume duties and obligations relating to previously approved first lien loan modifications, foreclosure prevention alternatives, and other loan modifications under certain circumstances; prohibiting mortgage servicers and mortgage lenders from commencing certain civil actions, recording specified notices, or conducting foreclosure sales unless specified conditions are met, etc.