New Rules Provide Additional Guidelines for Servicers
New rules set forth by the Consumer Financial Protection Bureau (CFPB) require that servicers provide clear details to borrowers about their loans and potential or pending foreclosure procedures. This article describes the new requirements and penalties, plus explains how the new rule will impact the nine standard mortgage servicing areas. It also includes information on new rules regarding force-placed insurance (when a borrower does not buy insurance and the servicer does it for them) as well as timelines and standards for early intervention, establishing a single point-of-contact and more. According to the Morningstar Credit Ratings SVP, Richard Kock, these new rules will benefit servicers as they create consistencies.
SOURCE: DS News