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shall document this inquiry. Until the servicer or its attorney responds to the inquiry, the officer shall continue the <br />sale in accordance with section 38-38-109 (1) (a). <br />(b) If the attorney for the servicer or holder or the servicer or holder, if not represented by an attorney, fails to <br />respond within seven calendar days to an inquiry under paragraph (a) of this subsection (3), then, as soon as <br />possible but no later than the fourteenth day after the date of the inquiry, the officer shall send a certified letter to <br />the attorney for the servicer or holder or to the servicer or holder, if not represented by an attorney, as listed on the <br />notice of election and demand, inquiring as to the status of the loss mitigation option. The servicer or holder shall <br />reimburse the officer for the cost of mailing the letter. <br />(c) If, after being contacted in accordance with paragraph (a) or (b) of this subsection (3), the attorney for the <br />servicer or holder or the servicer or holder, if not represented by an attorney, gives the officer a written statement <br />via electronic mail or first-class mail disputing that a loss mitigation option has been offered and accepted or that <br />the borrower is complying with its terms, the officer shall proceed with the sale. <br />(d) (I) If the attorney for the servicer or holder or the servicer or holder, if not represented by an attorney, <br />acknowledges that a loss mitigation option has been offered and accepted and that the borrower is complying with <br />its terms the officer shall continue the sale in accordance with section 38-38-109 (1) (a), and the holder shall <br />withdraw the notice of election and demand within one hundred eighty calendar days after the date of the <br />acknowledgment if the borrower continues to comply with the terms of the loss mitigation option.' <br />(II) If, within one hundred eighty calendar days after the date of the acknowledgment, the attorney for the servicer <br />or holder or the servicer or holder, if not represented by an attorney, has not withdrawn the notice of election and <br />demand and neither the attorney for the servicer or holder nor the servicer or holder, if not represented by an <br />attorney, has notified the officer that the borrower is not complying with the terms of the loss mitigation option, the <br />officer may administratively withdraw the notice of election and demand. <br />(III) If, within one hundred eighty calendar days after the date of the acknowledgment, the borrower fails to comply <br />with the terms of the loss mitigation option, the holder or the attorney for the holder may give written notice to the <br />officer that the loss mitigation option has been breached, and, no later than ten business days after receiving the <br />notice, the officer shall mail an amended combined notice containing the date of the rescheduled sale to each person <br />appearing on the most recent mailing list, or on an updated mailing list if provided by the holder or the holder's <br />attorney. The rescheduled sale date must not be fewer than seven calendar days after the date the amended <br />combined notice is mailed. All fees and costs of providing the amended combined notice may be included as part of <br />the foreclosure costs. <br />(4) If a foreclosure sale is continued as a result of compliance with the requirements of subsection (3) of this <br />section, the periods for which the sale may be continued are in addition to the twelve-month period of continuance <br />provided by section 38-38-109(1). <br />(5) A servicer is exempt from this section if the servicer services five thousand or fewer mortgage loans for all of <br />which the servicer, or an affiliate of the servicer, is the creditor or assignee. In determining whether a servicer <br />services five thousand or fewer mortgages, the servicer is evaluated based on the number of mortgage loans <br />serviced by the servicer and any affiliates as of January 1 for the remainder of the calendar year. A servicer that <br />crosses the threshold has six months after crossing the threshold or until the next January 1, whichever is later, to <br />comply with this section. <br />(6) A servicer who complies with 12 CFR 1024.41, as promulgated by the CFPB, or is exempt from compliance <br />with that regulation under federal law or CFPB rules, regulations, or orders, is deemed in compliance with this <br />section. II <br />