New Consumer Financial Protection Bureau Developing
New Rules for Mortgage Servicers
Richard Cordray, CFPB Director
The new federal consumer agency – The Consumer Financial Protection Bureau (CFPB) has announced that they are considering new rules for mortgage servicers. The Bureau plans to formally propose the rules over the summer and finalize them by January 2013. There will be a public comment period.
As summarized by The Washington Post, the rules “would require mortgage servicers to warn homeowners before any interest rate adjustments, provide options for delinquent borrowers to avoid foreclosure, investigate errors within 30 days and improve staff accessibility to consumers.”
Read the notice and summary provided by CFPB
Read Washington Post article