Texas Bill Floats New Mortgage Servicer Disclosure Rules

Law360, Houston (December 17, 2012, 8:32 PM EST) -- A Texas lawmaker on Monday proposed a bill that would impose new record-keeping and consumer disclosure requirements on servicers of nonfederal home mortgages and create a private cause of action for borrowers who suffer damages as a result of noncompliance.

Proposed by Rep. Eddie Rodriguez, D-Austin, HB 302 would require servicers that don't handle federally-backed mortgages to disclosure to consumers an itemization of fees and charges to their account as well as details on how borrowers' payments are applied.

While servicers managing federally-backed mortgages are already...
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