CFPB Proposed Mortgage Servicing Guidelines

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On August 10, the CFPB announced two notices of proposed rulemaking regarding mortgage servicing. The proposed rules relate to: (i) monthly mortgage statements; (ii) warnings before interest rate adjustments; (iii) force-placed insurance; (iv) early outreach for delinquent borrowers; (v) prompt crediting of payments; (vi) accurate information management; (vii) error resolution and information requests; (viii) direct and ongoing access to servicer personnel; and (ix) evaluation for alternatives to foreclosure. Comments must be submitted by October 9. CFPB Release.

Topics:  CFPB, Mortgages, Servicing Policies

Published In: Administrative Agency Updates, Finance & Banking Updates, Residential Real Estate Updates

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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