CFPB Oversight Efforts May Hamstring Mortgage Servicers
By Evan Weinberger
Law360, New York (April 10, 2012, 7:54 PM EDT) -- Industry groups on Tuesday gave cautious applause to the Consumer Financial Protection Bureau's proposals to impose new regulations on mortgage servicers, but attorneys fretted that the details of the proposed foreclosure prevention and customer service requirements would create impossible standards for servicers to comply with.
The CFPB’s outline for proposed rules for mortgage servicers would require greater disclosure of the terms, fees and rates attached to mortgages as well as improved record keeping and more engaged customer service. The aim is to make the home-buying process...