National Credit Union Administration |
 | Sec. 760.10 Notice of servicer's
identity
(a) Notice requirement. When a credit union makes, increases,
extends, renews, sells, or transfers a loan secured by a building or
mobile home located or to be located in a special flood hazard area, the
credit union shall notify
the Director of FEMA (or the Director's designee) in writing of the
identity of the servicer of the loan. The Director of FEMA has
designated the insurance provider to receive the credit union's notice
of the servicer's identity. This notice may be provided electronically
if electronic transmission is satisfactory to the Director of FEMA's
designee.
(b) Transfer of servicing rights. The credit union shall notify the
Director of FEMA (or the Director's designee) of any change in the
servicer of a loan described in paragraph (a) of this section within 60
days after the effective date of the change. This notice may be provided
electronically if electronic transmission is satisfactory to the
Director of FEMA's designee. Upon any change in the servicing of a loan
described in paragraph (a) of this section, the duty to provide notice
under this paragraph (b) shall transfer to the transferee servicer.
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