CFPB Mortgage Servicing Reforms Aim For Fewer Surprises

Law360, New York (August 9, 2012, 12:00 AM EDT) -- The Consumer Financial Protection Bureau on Friday proposed sweeping changes to the U.S. mortgage servicing industry that the agency says will eliminate many of the problems that resulted in faulty foreclosures.

During the housing bubble and the subsequent foreclosure crisis, mortgage servicers have come under heavy criticism for improper recordkeeping, provision of incorrect information to borrowers, and even improper payment processing. The goal of the reforms unveiled by the CFPB is to make sure that borrowers get accurate information when they need it.

“These proposed rules...
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