The Consumer Financial Protection Bureau recently announced proposed rules that would help homeowners manage issues with mortgage servicers, which collect payments on behalf of loan holders, a press release from the Bureau said. Such rules would require "principal, interest, fees, escrow and due dates" to be clearly explained on monthly mortgage statements and would also require warnings and explanations regarding certain adjustable rate mortgages before they change. Information on options for struggling borrowers will be offered more rapidly, as will options for avoiding "forced-placed" insurance, the release said. Additional proposals would require payments to be credited to consumer accounts "the day payment is received"; errors to be more quickly addressed and corrected; and ongoing direct access to service staff members available to homeowners.
Register Now As you are not an existing subscriber please register for your free daily legal newsfeed service.Register
If you have any questions about the service please contact firstname.lastname@example.org or call Lexology Customer Services on +44 20 7234 0606.
CFPB proposes mortgage servicing rules
If you are interested in submitting an article to Lexology, please contact Andrew Teague at email@example.com.
“The Lexology newsfeed is very relevant to my practice and I like that you can tailor the newsfeed to include specific practice areas. I enjoy seeing a variety of approaches and I will read multiple articles on the...
“The Lexology newsfeed is very relevant to my practice and I like that you can tailor the newsfeed to include specific practice areas. I enjoy seeing a variety of approaches and I will read multiple articles on the same topic for the purpose of getting the fullest understanding of a new law, a court case or other legal development.”
Audrey E Mross
Labor & Employment Attorney
Munck Carter LLP