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transition period that will allow servicers time to get used to the new application/rules/regulations/etc.

Published 08/10/2012 09:52 AM   |    Updated 08/10/2012 09:52 AM
Will there be a transition period that will allow servicers time to get used to the new application/rules/regulations/etc. without fear of penalty?
We ask that you familiarize yourself with the regulations, procedures and authority that have been given to you. We will work closely with you through the following months and we will simply be collecting data during the next 12-18 months to determine if we need to provide additional training in specific areas or if policies/procedures are needed to be changed. Timeliness of transactions will not be tracked at this time.