District Circular Letters
April 26, 2013
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SR 13-9 / CA 13-6 Minimum Standards for Prioritization and Handling Borrower Files with Imminent Scheduled Foreclosure Sale
The Federal Reserve is issuing this letter to set forth guidance on sound business practices for residential mortgage servicing that Federal Reserve supervised financial institutions are expected to address in their collections, loss mitigation, and foreclosure processing functions. The guidance confirms the minimum standards that all regulated institutions are expected to adopt in prioritizing and handling borrowers’ files with imminent risk of foreclosure.
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