MN SF2580

State-chartered banks must provide residential mortgage loan customers with written criteria for determining loan modification eligibility at least annually, within 30 days of any criteria changes, and upon request.

Banks must notify customers in writing within five days of denying a loan modification application and explain how the customer failed to meet the stated criteria.

Banks must provide customers with accurate information about the lender in loan modification communications.

Foreclosure advice notices must include information about the customer's right to request a written statement from the lender describing how the lender decides whether to approve loan modifications.