C.R.S. Section 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: Section 38-38-103.1 — Single point of contact - servicer to designate - duties - exemption, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-38.­pdf (accessed Oct. 20, 2023).

38–38–100.3
Definitions 38–38–101
Holder of evidence of debt may elect to foreclose 38–38–102
Recording notice of election and demand - record of sale 38–38–102.5
Notice prior to residential foreclosure - hotline 38–38–103
Combined notice - publication - providing information 38–38–103.1
Single point of contact - servicer to designate - duties - exemption 38–38–103.2
Dual tracking prohibited - notice to officer - continuation of sale pending inquiry 38–38–104
Right to cure when default is nonpayment - right to cure for certain technical defaults 38–38–105
Court order authorizing sale mandatory - notice of hearing for residential properties - definition 38–38–106
Bid required - form of bid 38–38–107
Fees and costs - definitions 38–38–108
Date of sale 38–38–109
Continuance of sale - effect of bankruptcy - withdrawal of sale 38–38–110
Sales by officer - location - announcement - records - electronic devices - definitions 38–38–111
Treatment of an overbid - agreements to assist in recovery of overbid prohibited - penalty - definition 38–38–112
Use of electronic documents authorized 38–38–113
Rescission of public trustee sale 38–38–114
Unclaimed refunds - disposition under “Revised Uniform Unclaimed Property Act” 38–38–201
Foreclosure of installments without acceleration 38–38–301
Holder of certificate of purchase paying charges - redemption 38–38–302
Redemption by lienor - procedure 38–38–304
Effect of redemption 38–38–305
Lessee, easement holder, and installment land contract vendor considered as lienors - installment land contract vendee considered as an owner 38–38–306
Rights of other lienors to redeem - definition 38–38–401
Certificate of purchase - issuance 38–38–401.5
Certificate - priority of lien 38–38–402
Certificate of redemption - issuance 38–38–403
Certificates assignable 38–38–405
Certificate as prima facie evidence 38–38–501
Title vests upon expiration of redemption periods - confirmation deed 38–38–502
Form of confirmation deed for public trustee’s sale 38–38–503
Form of confirmation deed for sheriff’s sale 38–38–504
Deed evidence of compliance 38–38–505
Effect of foreclosures as to certain classes of persons 38–38–506
Omitted parties - definitions 38–38–601
Receiver appointed upon application 38–38–602
Appointment of receiver to prevent waste 38–38–701
Application - use of term “foreclosure” 38–38–702
Limitation of officer’s liability 38–38–703
No waiver of or agreement to shorten right to cure 38–38–704
Providing information to homeowner and public 38–38–705
Curative provisions
Green check means up to date. Up to date

Current through Fall 2024

§ 38-38-103.1’s source at colorado​.gov