2015-05-20_GENERAL DOCUMENTS - M1981185

• Permit No: M1981185
• IBM Index Class Name: GENERAL DOCUMENTS
• Doc Date: 5/20/2015
• Doc Name: Foreclosure Notice
• To: DRMS
• Email Name: DMC
• Media Type: D
• Archive: No

COLORADO REVISED STATUTES
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;
(Il) Actions the borrower must 'Lake 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.
'A . ,
38-38-103.2. Dual tracking prohibited - notice to officer - continuation of sale pending inquiry.
(1) A servicer is subject to the time limits and other requirements of federal law and CFPB rules in connection with
a foreclosure under this article.
(2) The servicer shall:
(a) Notify the borrower in writing when it receives a complete loss mitigation application from the borrower; and
(b) Exercise reasonable diligence in obtaining documents and information to complete a loss mitigation application.
(3) If the borrower has received confirmation from the servicer that the borrower has submitted a complete loss
mitigation application or has been offered and has accepted a loss mitigation option and is complying with its
provisions, and yet a notice of election and demand pursuant to section 38-38-101 has been filed or action is being
taken pursuant to section 38-38-105 or 38-38-106 with regard to the borrower, then, in order to stop the foreclosure
sale, no later than fourteen calendar days before the sale date, the borrower must present to the officer the
borrower's written notification from the servicer indicating receipt of a complete loss mitigation application dated
at least thirty-seven days prior to the sale date or acceptance of a loss mitigation option, and, if the borrower does
so:
(a) As soon as possible, but no later than three business days after receipt of the notification, the officer shall
contact the attorney for the servicer or holder or the servicer or holder, if not represented by an attorney, by
telephone, electronic snail, or first-class mail and inquire as to the status of the loss mitigation option. The officer