CFPB releases Rules for Mortgage Servicers

08/14/2012 12:23 PM | Anonymous

On August 10, 2012, the Consumer Financial Protection Bureau (CFPB) proposed two notices containing rules to protect homeowners from surprises and costly mistakes by their mortgage servicers.

“Millions of homeowners are struggling to pay their mortgages, often through no fault of their own,” said CFPB Director Richard Cordray. “These proposed rules would offer consumers basic protections and put the ‘service’ back into mortgage servicing. The goal is to prevent mortgage servicers from giving their customers unwelcome surprises and runarounds.”

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