CFPB Proposes New Rules for Mortgage Servicing Industry

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On April 10, 2012, the Consumer Financial Protection Bureau (CFPB) outlined new rules it is proposing to adopt to increase accountability and transparency in the mortgage servicing industry. Pursuant to its authority under the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, the CFPB plans to publish the rules this summer, and, after a public comment period, to finalize them in January 2013. An overview of the rules under consideration is available at http://files.consumerfinance.gov/f/201204_cfpb_small-business-reviewoutline_ mortgage-servicing-rulemaking.pdf and a factsheet with additional background information is available at http://files.consumerfinance.gov/f/201204_cfpb_factsheet_putting-serviceback- in-mortgage-servicing.pdf.

The proposed rules aim to provide borrowers with detailed and accurate information about their loan on a regular basis so that they can make informed decisions, and to provide them with resources to navigate changes in their financial position.

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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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