CFPB Proposes Comprehensive Mortgage Servicing Regulations

The Consumer Financial Protection Bureau recently issued two notices of proposed rulemaking implementing Truth-in-Lending Act and Real Estate Settlement Procedures Act regulations required by the Dodd-Frank Act. These NPRs represent the CFPB’s first step toward its stated goal of establishing national standards for mortgage servicing.

The NPRs incorporate many of the provisions of the March 2012 National Mortgage Settlement among state attorneys general, the federal government, and five of the largest mortgage loan servicers and propose additional rules related to a number of fundamental servicing activities, including borrower communications, loss mitigation, information management, and complaint and error resolution. A detailed discussion of the NPRs and the proposed rules is attached. 

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