(B) Is a Housing Finance Agency, as defined in 24 CFR 266.5; or
(C) Is a nonprofit entity that solutions 5,000 or less home loans, including any home mortgages serviced on the behalf of associated nonprofit entities, for many of that the servicer or an associated nonprofit entity may be the creditor. The following definitions apply for purposes of this paragraph (e)(4)(ii)( C)
(1) The expression “nonprofit entity” means an entity having a taxation exemption ruling or dedication page through the irs under section 501(c)(3) associated with Internal income Code of 1986 (26 U.S.C. 501()( that is c); 26 CFR 1.501(c)(3)-1), and;
(2) The expression “associated nonprofit entities” means nonprofit entities that by agreement operate making use of a name that is common trademark, or servicemark to help and help a standard charitable objective or function.
(iii) Small installment loans in arkansas servicer determination. In determining whether a servicer satisfies paragraph (age)(4)(ii)(A) of this section, the servicer is examined in line with the home mortgages serviced by the servicer and any affiliates at the time of January 1 and also for the rest of this twelve months. The servicer is evaluated based on the mortgage loans serviced by the servicer as of January 1 and for the remainder of the calendar year in determining whether a servicer satisfies paragraph (e)(4)(ii)(C) of this section. A servicer that ceases to qualify as a little servicer has 6 months through the time it stops to qualify or before the next January 1, whichever is later on, to conform to any needs from where the servicer is no longer exempt as a tiny servicer. Continue reading