Regulatory Alerts2009-07-06
Mortgage Loan Modification Effective: July 6, 2009
The Alabama regulatory body mandates that persons providing consumer mortgage loan modification services for residential property in Alabama must be licensed under specific chapters of the Code of Alabama unless exempt. Licensed providers are permitted to charge a maximum fee of $500.00 for these services, which cannot be paid to the mortgagee or related parties, and any fee exceeding this amount is deemed unreasonable. The regulation explicitly excludes attorneys acting for borrowers and mortgagees from the definition of service providers subject to these licensing and fee requirements.
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