Mississippi Servicing Reference Guide
- Kacey Olson (Unlicensed)
Owned by Kacey Olson (Unlicensed)
| Citation | Topic | Requirement |
| S.A.F.E. Mortgage Act / Miss. Code Ann. §81-18-55(1) | Forced Placed Insurance Notice | It is unlawful for a mortgage lender to fail to provide written notice to a borrower upon taking action to place hazard, homeowners, or flood insurance on the mortgaged property or to place the insurance when the mortgage lender knows or has reason to know that the insurance is in effect. |
| Interest, Finance Charges, and Other Charges / Miss. Code Ann. §75-17-27 | Late Payment Fees | A late payment charge, not exceeding $5 or 4% of the amount of any delinquency, whichever is greater, if contracted for in writing, will not be considered a finance charge, but no such charge may be made unless such delinquency is more than 15 days past due. Additionally such late payment charge may be collected only one time on a specific installment and no late payment charge may be collected on a partial payment resulting from the deduction of a late payment charge from a regular scheduled payment. On loans of $100,000 or less having a stated maturity of five years or less, such late payment charge may in no event exceed $50. Required under the MSMLA also. See Miss. Code Ann. §81-18-55. |
| S.A.F.E. Mortgage Act / Miss. Code Ann. §81-18-55 | Notice of Default | Prior to July 1, 2016 - It is unlawful for a mortgage lender to fail to mail, at least 45 days before foreclosure is initiated, a notice addressed to the borrower at the borrower's last-known address. There are a number of required disclosures in this notice refer to citation. Effective on July 1, 2016 - It is unlawful for a mortgage lender to fail to mail, at least 45 days before the power-of-sale foreclosure auction is conducted, a notice addressed to the borrower at the borrower's last-known address. |
| Miss. Code Ann. §13-3-163(1) | Notice of Sale - Judicial | (1) Sales of land may be made on any day except Sunday and any legal holiday as defined by Section 3-3-7, Mississippi Code of 1972, and shall be advertised by the plaintiff in a newspaper published in the county, once in each week for three (3) successive weeks, or, if no newspaper is so published, in some newspaper having a general circulation therein once in each week for three (3) successive weeks. |
| Real Property Laws / Miss. Code Ann. §89-1-55 | Notice of Sale - Non-Judicial | The Notice of Sale must disclose the name of the original mortgagor in the deed of trust or other contract. The Notice of Sale must be advertised for 3 consecutive weeks prior to the date of the sale. The Notice of Sale must be published in a newspaper published in the county where the property is situated. If a newspaper is not published in such county, the Notice of Sale must be published in some paper having a general circulation in such county. In addition, the Notice of Sale must be posted at the courthouse of the county where the property is situated. |
| Miss. Code Ann. §81-18-55(3) | Notification of Fee Assessment | A borrower must be notified of any fees assessed within 45 days. A notice must be mailed within 30 days to the last known address. |
| Interest, Finance Charges, and Other Charges / Miss. Code Ann. §75-17-31 | Prepayment Penalty Charges | No lender or other person may charge a sum or prepayment penalty for the prepayment of any note or evidence of a debt secured in whole or in part by lien on real estate greater than the following: (1) 5% of the unpaid principal balance if prepaid during the 1st year; (2) 4% of the unpaid principal balance if prepaid during the 2nd year; (3) 3% of the unpaid principal balance if prepaid during the 3rd year; (4) 2% of the unpaid principal balance if prepaid during the 4th year; or (5) 1% of the unpaid principal balance if prepaid during the 5th year. No penalty may be charged if the loan is prepaid more than five years from date of the note creating the debt. The prohibitions regarding prepayment penalties apply only to loans, the security for which is a lien on real estate comprising a single-family dwelling or a single-family condominium unit, or on real estate used primarily for agricultural or livestock purposes. Required under the MSMLA also. See Miss. Code Ann. §81-18-55. |