CFPB Proposes New Mortgage Servicer Rules

In the face of mortgage servicers role in the national housing crisis by changing loan terms resulting in borrowers losing their homes, and foreclosing on homes when lenders missed payments, the Consumer Financial Protection Bureau (CFPB) has proposed a new set of rules to make borrowing more transparent and thus better protect borrowers. USA Today says the proposals require the servicers to provide clear monthly billing statements; connect borrowers with staff if they are in danger of foreclosure; notify borrowers if the interest rate is to adjust in case they want to refinance, or if they are being charged for insurance; and to keep better records to avoid mistakes. CFPB has concentrated on servicers since borrowers do not choose a mortgage servicer. Servicers buy the rights to service loan accounts and can charge fees for late payments. MHProNews has learned the CFPB will finalize the rules in Jan. 2013 after public comment ends Oct. 9.

(Image credit: HUD/Dean Hayes)

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