Georgia adopted rules establishing servicing standards under the Georgia Residential Mortgage Act (GRMA). The new servicing standards establish requirements with respect to: dual tracking; evaluation of loss mitigation applications; transfer of servicing notices; servicing fees (certain fees prohibited); escrow accounts; force-placed insurance; error resolution; and reports of condition. The servicing standards also impose on mortgage servicers a duty to mitigate any harm to the borrower in the event a violation of the mortgage servicing standards occurs. The mortgage servicing standards do not apply to a mortgage servicer that qualifies as a “small servicer” pursuant to the federal Truth-in-Lending Act. In addition, the adopted rules set forth recordkeeping requirements for mortgage servicers, including content, location, and retention period requirements. The adopted rules went into effect July 19, 2017.
See the Department of Banking and Finance website for the full text of the Regulations
