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.
"Lexology is a good barometer of a firm's expertise as the articles showcase a firm's understanding of the issues involved and how up to date their knowledge is. It's a good one stop solution where one is able...
"Lexology is a good barometer of a firm's expertise as the articles showcase a firm's understanding of the issues involved and how up to date their knowledge is. It's a good one stop solution where one is able to view the same law/cases from different perspectives; on the whole I would rate Lexology as a good service."
How Yee Loh