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Consumer Financial Protection Bureau outlines borrower-friendly approach to mortgage servicing

April 15, 2012
Source:  Consumer Financial Protection Bureau
On Tuesday, the Consumer Financial Protection Bureau (CFPB) will outline rules it is considering to help protect mortgage borrowers from being hit by costly surprises or getting the runaround from their mortgage servicer. The CFPB plans to formally propose rules this summer and finalize them in January 2013.
“The mortgage servicing rules we are considering reflect two basic, common-sense principles – no surprises and no runarounds,” said CFPB Director Richard Cordray. “For too long, mortgage servicers have not been held accountable to their customers, and the result has been profoundly punishing to homeowners in distress. It’s time to put the ‘service’ back in mortgage servicing.”

Full Document (PDF)


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