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My bank assigns ownership of closed residential mortgage loans it originates to a passive investment company (P.I.C.), but retains the servicing. Currently the borrower receives the disclosures required under § 1026.39 on the bank’s letterhead. In addition to adding the paragraph (d)(5) disclosures, I initially thought the disclosure should be provided on the P.I.C.’s letterhead. However, the commentary states (page 1210) that “If the covered person becoming a new creditor will not also be the servicer, the new creditor will have to make arrangements with the servicer to ensure that the consumer receives the disclosures required by § 1026.39(d)(5)”. I would like to interpret that as permission to continue to provide the disclosures on the bank’s letterhead, as we would prefer. Opinions on that conclusion would be appreciated.
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