More Legislation to Clean Up Mortgage Servicing Errors

HousingWire reports two U.S. Senators have proposed legislation that would require mortgage servicers to discontinue pursuing foreclosure and loan modification at the same time.  The Regulation Mortgage Servicing Act, introduced by Sen. Olympia Snowe (R-Maine) and Sen. Jeff Merkley (D-Ore.), would also require a third-party review of mortgage servicers’ activities prior to foreclosure proceedings.  The proposed legislation joins other bills introduced in the House and the Senate to streamline mortgage servicing procedures.  Senator Snowe said, “It is critical that we restore confidence in the relationship between homeowners and the loan servicing industry and remove confusing barriers to mortgage modifications.”

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