CFPB Mortgage Servicing Rules Give Industry Little Leeway

Law360, New York (January 17, 2013, 7:42 PM EST) -- The Consumer Financial Protection Bureau's sweeping new rules for the mortgage servicing industry released Thursday will force servicers to follow extensive anti-foreclosure instructions to the letter, attorneys say, warning that any deviation, even in service of borrowers, could land firms in a legal quagmire.

The cornerstone of the much-anticipated rules, which the CFPB unveiled officially Thursday in Atlanta, is an effort to slow down the foreclosure process and keep people in their homes, including banning so-called dual-tracking, where foreclosure proceedings begin even as a borrower negotiates...
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