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Volume 28 - Number 21

October 9, 2017

Bureau Proposes More Certainty For Providing Periodic Statements

The CFPB issued a proposed rule last week to provide more certainty for mortgage servicers about when to provide periodic statements to consumers in connection with their bankruptcy cases. The consumer bureau said it is proposing amendments to certain mortgage servicing rules issued in 2016 under Regulation Z (which implements the Real Estate Settlement Procedures Act) relating to the timing for servicers to transition to providing modified or unmodified periodic statements and coupon books in connection with a borrowerís bankruptcy case. Among other things, the 2016 mortgage servicing final rule addresses Reg Zís periodic statement and coupon book requirements when a person is a debtor in bankruptcy. It includes a single-billing-cycle exemption from the requirement to provide a periodic statement ...

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What’s your opinion on how Mick Mulvaney has managed the CFPB since he took over three months ago?

He’s done a good job of paring back the agency’s excesses and we’d like to see more.
I hope he totally dismantles the agency and sends those functions back to the agencies hence they came.
Not bad, but he needs to take his time making additional changes.
We’re totally aghast. He’s gone way too far in protecting the rights of companies not consumers!

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