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.
