CFPB Final Rule on Mortgage Servicing Standards

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On January 18, the CFPB released final rules, effective January 10, 2014, which set forth national mortgage loan servicing standards. The final rules address, among other things, servicers’ obligations to: (i) correct errors asserted by borrowers; (ii) provide protections in connection with ‘force-placed’ insurance; (iii) establish reasonable policies and procedures; (iv) provide information about loss mitigation options to borrowers; and (v) evaluate applications for available loss mitigation options. CFPB Release. CFPB Final Rule. CFPB Fact Sheet. CFPB Summary.

 

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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