Adding onto an MHProNews story from Jan. 21 about the Consumer Financial Protection Bureau’s (CFPB) new mortgage servicing rules, the Texas Manufactured Housing Association (TMHA) offers a detailed summary from the American Banker’s Association (ABA). CFPB director Richard Cordray says, “We will exercise our supervision and enforcement authority to make these rules stick for mortgage servicers across the entire market.” Covered are the following: Dual tracking, foreclosure timetables, force-placed insurance, loss mitigation, fair review process, new disclosures, fixing errors, and exemptions for smaller servicers. Cordray also suggested that more rules governing mortgages may be forthcoming later this month. For ABA’s summary, please click here.
(Image credit: consumerfinance.gov)