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Volume 25 - Number 24

November 24, 2014

CFPB Propose Loss Mit Changes to 2013 Mortgage Servicing Rules

If anyone in the housing finance industry thought the CFPB was finished with its mortgage-related rulemaking, they were wrong. Last week, the CFPB issued a batch of proposed amendments to its 2013 mortgage servicing rules, including a number of changes to how servicers handle loss-mitigation applications. First, the bureau is proposing to require servicers to meet the loss-mitigation requirements of its mortgage servicing rules more than once in the life of a loan for borrowers who become current after a delinquency. However, the rule is not clear how many times this could occur over the life of the mortgage. A little insight can be gleaned from a CFPB blog posting geared towards borrowers, which stated, “We are also proposing that ...

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