CFPB Proposes New Rules for Mortgage Servicing Industry

more+
less-

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.

Please see full alert below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Written by:

Published In:

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.

© King & Spalding | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.
×
Loading...
×