As a private mortgage loan servicing company, we want to make sure that our clients are prepared for the new mortgage servicing rules that go into effect on April 1, 2004. We have put together a list of things that our clients need to know in order to be compliant with the new rules. First, the new rules require that servicers disclose certain information to borrowers in writing, including the name and address of the servicer, the borrower’s rights and responsibilities, and contact information for the servicer. Second, servicers must provide borrowers with a regular statement that includes the loan balance, interest rate, payment amount, and other important information. Third, servicers must offer confidential counseling to borrowers who are struggling to make their payments. Finally, servicers must give borrowers a “grace period” of at least 10 days before starting any foreclosure proceedings. We want our clients to be prepared for these new rules and to know that we are here to help them navigate the changes.