The Maryland Commissioner of Financial Regulation has provided additional details on the new requirements.

The emergency regulation amends the Code of Maryland Regulation section 09.03.06.04B  and is effective as of February 19, 2008. The regulation is applicable to all mortgage loan servicers licensed under the Maryland Mortgage Lender Law, Md. Code Ann., Financial Institutions § 11-501 et seq

The Commissioner of Financial Regulation will make available the Servicer Reporting Form, together with instructions for its completion, in the near future. The first report will be due on March 20, 2008 (but given the nature of this regulation a grace period may be permitted the first month). The Reporting Form will be electronic and submitted via the internet.

The following are the new requirements:

A licensee acting as a servicer shall compile and submit to the Commissioner on or before the twentieth business day of each month a report on the form required by the Commissioner that contains the following information for the preceding month, or as otherwise indicated: 

• The number of mortgage loans the licensee is servicing;
• The number of mortgage loans that the licensee is servicing that are in payment default and a breakdown of these mortgage loans by length of payment delinquency including 30-day, 60-day, and 90+ day delinquencies;
• Information on loss mitigation activities undertaken including, but not limited to the following: 
  a) The number of workout arrangements entered into by the licensee in connection with mortgage loans
  b) A description of the types of workout arrangements, including mortgage loan modifications, and the percentage of each type of workout arrangement entered into;
  c) The proactive steps taken by the licensee to identify borrowers at a heightened risk of default, such as those with impending interest rate resets, including, but not limited to, contacts with borrowers to assess their ability to repay their mortgage loan obligations; 
• The number of foreclosure actions commenced in the State in connection with mortgage loans it is servicing;
• Information regarding adjustable rate mortgage loans; and
• Any other information that the Commissioner may deem necessary, including geographic information regarding applicable mortgage loans. 
  

The Commissioner may publish for public review the report, or any information contained in the report, required under subsection (3) of this regulation, except personally identifying information regarding borrowers.
Records retained for longer than the minimum time period shall be made available to the Commissioner upon the Commissioner's reasonable request. 

To view a copy of the regulation, please click here 

About Safeguard
Safeguard Properties is the largest privately held field services company in the country. Located in Cleveland, Ohio and founded in 1990 by Robert Klein, Safeguard has grown from a regional preservation company with a few employees and a handful of contractors performing services in the Midwest, to a national company with over 450 employees. Safeguard is supported by a nationwide network of subcontractors able to perform any requested superintendence, preservation, and maintenance functions, as well as numerous ancillary services in the U.S., the Virgin Islands, and Puerto Rico.