On April 9, 2012, the Consumer Financial Protection Bureau (“CFPB”) outlined rules that it is considering to ensure homeowners have accurate information regarding their mortgage and meaningful assistance in avoiding foreclosure.
The proposed rules target mortgage servicers who are hired by mortgage lenders to manage mortgage loan accounts. Servicers collect a borrower’s monthly payment, manage escrow accounts and handle customer service. Servicers also handle collections, loan modifications and foreclosures for mortgages that fall into default. In the wake of the mortgage crisis, increased scrutiny of the mortgage servicing industry has revealed systemic problems in the handling of delinquent loans and foreclosures. Worst practices include the processing of foreclosure documents containing unverified information and the “robo-signing” of foreclosure documents.
Please see full Alert below for further information.
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