Consumer Financial Protection Bureau Considering the Proposal of New Mortgage Servicing Rules

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The Consumer Financial Protection Bureau (CFPB) has announced that it is considering proposing new mortgage servicing rules. The potential new rules are intended to provide additional protections to consumers. According to the CFPB, the new rules being considered are intended to minimize servicer mistakes and make sure any mistakes are rectified more quickly. The CFPB indicated the proposed new rules are intended to increase transparency and the accuracy of information homeowners receive from mortgage servicers. The new rules will be formally proposed this summer and the CFPB intends to finalize them by January 2013.

The CFPB announced it is considering proposing the following new rules...

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Topics:  CFPB, Foreclosure, Interest Rate Adjustments, Mortgages, Servicing Policies

Published In: Consumer Protection 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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