12 CFR §1024.40 — Continuity of contact

Name: 12 CFR §1024.40 — Continuity of contact — machine-readable register
Creator: Claude for Compliance
License: https://creativecommons.org/licenses/by-nd/4.0/

reg-x-1024-40

Regulation X §1024.40 requires servicers to maintain policies and procedures reasonably designed to assign personnel to delinquent borrowers, make those personnel available to respond to inquiries and assist with loss mitigation, and ensure those personnel can perform enumerated information-delivery and record-retrieval functions.

This register: .xlsx .csv

source:
  type: regulation
  id: reg-x-1024.40
  authority: 12 CFR §1024.40 — Continuity of contact
  description: |
    Regulation X §1024.40 requires servicers to maintain policies and
    procedures reasonably designed to assign personnel to delinquent
    borrowers, make those personnel available to respond to inquiries and
    assist with loss mitigation, and ensure those personnel can perform
    enumerated information-delivery and record-retrieval functions.
obligations:
  - id: reg-x-1024.40-a
    canonical_id: reg-x-1024.40-a
    section: 12 CFR §1024.40(a)
    description: '(a): (a) In general. A servicer shall maintain policies and procedures that are reasonably designed to achieve the following objectives: (1) Assign personnel to a delinquent borrower by the time the servicer provides the borrower with the written notice required by § 1024.39(b), but in any event, not lat…'
    type: do
    audit_question: ''
    program_review: ''
    file_review: ''
    judgment: false
    feeds: []
    workflow_phase: ''
    owner_role: ''
    secondary_owner_role: ''
    cadence: ''
    consequence: ''
    tags:
      - regulator-direct
      - section-complete
      - cfpb-regulation
    primary_source:
      tier: 1
      authority: 12 CFR §1024.40(a)
      source_class: cfpb-regulation
      source_url: https://www.ecfr.gov/current/title-12/section-1024.40
      snapshot_id: e6a0eb2397659f3b
      fetched_at: '2026-09-26T20:35:10Z'
      content_hash: sha256:58c0c797196a22de56e4734f9675c824597db7ffcaf73e69477c99bf1324b7c1
      paragraph_quote: '(a) In general. A servicer shall maintain policies and procedures that are reasonably designed to achieve the following objectives: (1) Assign personnel to a delinquent borrower by the time the servicer provides the borrower with the written notice required by § 1024.39(b), but in any event, not later than the 45th day of the borrower''s delinquency. (2) Make available to a delinquent borrower, via telephone, personnel assigned to the borrower as described in paragraph (a)(1) of this section to respond to the borrower''s inquiries, and as applicable, assist the borrower with available loss mitigation options until the borrower has made, without incurring a late charge, two consecutive mortgage payments in accordance with the terms of a permanent loss mitigation agreement. (3) If a borrower contacts the personnel assigned to the borrower as described in paragraph (a)(1) of this section and does not immediately receive a live response from such personnel, ensure that the servicer can provide a live response in a timely manner.'
      drafter_attestation: 'Verbatim 12 CFR §1024.40(a) from eCFR snapshot e6a0eb2397659f3b (versioner full-XML API, title 12 as of 2026-09-24); the regulator''s paragraph breaks are joined with single spaces; substring-verified. Re-segmented 2026-09-26 on the eCFR paragraph hierarchy (scripts/resegment-cfr.py): the prior capture (snapshot cde74e9b810c3590) held the same words but cut this section at every (i)/(v)/(x) and cited sub-items as top-level paragraphs.'
      publisher: ecfr.gov
      verified_against: ecfr.gov
      verified_on: '2026-09-26'
  - id: reg-x-1024.40-b
    canonical_id: reg-x-1024.40-b
    section: 12 CFR §1024.40(b)
    description: '(b): (b) Functions of servicer personnel. A servicer shall maintain policies and procedures reasonably designed to ensure that servicer personnel assigned to a delinquent borrower as described in paragraph (a) of this section perform the following functions: (1) Provide the borrower with accurate informa…'
    type: do
    audit_question: ''
    program_review: ''
    file_review: ''
    judgment: false
    feeds: []
    workflow_phase: ''
    owner_role: ''
    secondary_owner_role: ''
    cadence: ''
    consequence: ''
    tags:
      - regulator-direct
      - section-complete
      - cfpb-regulation
    primary_source:
      tier: 1
      authority: 12 CFR §1024.40(b)
      source_class: cfpb-regulation
      source_url: https://www.ecfr.gov/current/title-12/section-1024.40
      snapshot_id: e6a0eb2397659f3b
      fetched_at: '2026-09-26T20:35:10Z'
      content_hash: sha256:58c0c797196a22de56e4734f9675c824597db7ffcaf73e69477c99bf1324b7c1
      paragraph_quote: '(b) Functions of servicer personnel. A servicer shall maintain policies and procedures reasonably designed to ensure that servicer personnel assigned to a delinquent borrower as described in paragraph (a) of this section perform the following functions: (1) 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 such loss mitigation options, including actions the borrower must take to submit a complete loss mitigation application, as defined in § 1024.41, 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 § 1024.41. (2) 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 applicable, to prior servicers, in connection with a loss mitigation application; (3) Provide the documents and information identified in paragraph (b)(2) of this section to other persons required to evaluate a borrower for loss mitigation options made available by the servicer, if applicable; and (4) Provide a delinquent borrower with information about the procedures for submitting a notice of error pursuant to § 1024.35 or an information request pursuant to § 1024.36.'
      drafter_attestation: 'Verbatim 12 CFR §1024.40(b) from eCFR snapshot e6a0eb2397659f3b (versioner full-XML API, title 12 as of 2026-09-24); the regulator''s paragraph breaks are joined with single spaces; substring-verified. Re-segmented 2026-09-26 on the eCFR paragraph hierarchy (scripts/resegment-cfr.py): the prior capture (snapshot cde74e9b810c3590) held the same words but cut this section at every (i)/(v)/(x) and cited sub-items as top-level paragraphs.'
      publisher: ecfr.gov
      verified_against: ecfr.gov
      verified_on: '2026-09-26'
    former_ids:
      - reg-x-1024.40-i
      - reg-x-1024.40-v
      - reg-x-1024.40-i-2

Verbatim regulatory text (2)

Verbatim provisions from 12 CFR §1024.40 — Continuity of contact — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.

12 CFR §1024.40(a)

(a) In general. A servicer shall maintain policies and procedures that are reasonably designed to achieve the following objectives: (1) Assign personnel to a delinquent borrower by the time the servicer provides the borrower with the written notice required by § 1024.39(b), but in any event, not later than the 45th day of the borrower's delinquency. (2) Make available to a delinquent borrower, via telephone, personnel assigned to the borrower as described in paragraph (a)(1) of this section to respond to the borrower's inquiries, and as applicable, assist the borrower with available loss mitigation options until the borrower has made, without incurring a late charge, two consecutive mortgage payments in accordance with the terms of a permanent loss mitigation agreement. (3) If a borrower contacts the personnel assigned to the borrower as described in paragraph (a)(1) of this section and does not immediately receive a live response from such personnel, ensure that the servicer can provide a live response in a timely manner.

Source: 12 CFR §1024.40(a) · source URL · snapshot e6a0eb2397659f3b

12 CFR §1024.40(b)

(b) Functions of servicer personnel. A servicer shall maintain policies and procedures reasonably designed to ensure that servicer personnel assigned to a delinquent borrower as described in paragraph (a) of this section perform the following functions: (1) 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 such loss mitigation options, including actions the borrower must take to submit a complete loss mitigation application, as defined in § 1024.41, 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 § 1024.41. (2) 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 applicable, to prior servicers, in connection with a loss mitigation application; (3) Provide the documents and information identified in paragraph (b)(2) of this section to other persons required to evaluate a borrower for loss mitigation options made available by the servicer, if applicable; and (4) Provide a delinquent borrower with information about the procedures for submitting a notice of error pursuant to § 1024.35 or an information request pursuant to § 1024.36.

Source: 12 CFR §1024.40(b) · source URL · snapshot e6a0eb2397659f3b

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Source of record: https://claudeforcompliance.com/regs/reg-x-1024-40/ · register reg-x-1024-40 · verbatim, source-snapshotted regulator text from the Claude for Compliance corpus. To work from every register at once, download the corpus and follow the methodology.