Borrowers get some legal leverage in CFPB servicing rules

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The Consumer Financial protection bureau (cfpb) is an agency of the United States government responsible for consumer protection in the financial sector.CFPB’s jurisdiction includes banks, credit unions, securities firms, payday lenders, mortgage-servicing operations, foreclosure relief services, debt collectors and other financial companies operating in the United States.

CFPB Proposes Additional Restrictions for Mortgage Servicers By Faye Ricci on November 30, 2014 Posted in CFPB, Mortgage Servicing, Regulatory Developments On November 20, 2014, the CFPB proposed several amendments to the mortgage servicing rules under Regulation X and Regulation Z, after previously implementing amendments to these regulations.

The CFPB’s Mortgage Servicing Rules: Where Are We Now? The Wolf Firm, A Law Corporation . November 22, 2014- Mortgage Servicing Rules – Effective Date .. Amended Rule A borrower and a borrower’s mortgage loan obligation are delinquent beginning on the date a

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Invoking its authority "to take action against institutions engaged in unfair, deceptive, or abusive acts or practices, or that otherwise violate federal consumer financial laws," the CFPB ordered fay servicing to pay $1.15 million to injured borrowers, to offer them foreclosure relief, and to bring its practices into compliance with the law.

On August 4, 2016, the CFPB issued its final mortgage servicing rule pursuant to Regulation X of the Real Estate Settlement Procedures Act (RESPA) and Regulation Z of the Truth in Lending Act (TILA). The final rule provides greater foreclosure protections to borrowers and requires further transparency between borrowers and mortgage servicers.

CFPB Provides Guidance on Mortgage Servicing Rules Oct 16 – The Consumer Financial Protection Bureau is releasing a bulletin and interim final rule to provide greater clarity to the market concerning mortgage servicing rules that take effect in January 2014.

– Today, the Consumer Financial Protection Bureau (CFPB) is releasing a bulletin and interim final rule to provide greater clarity to the market concerning mortgage servicing rules that take effect in January 2014. The clarifications address communications with family members after a borrower dies, contact with delinquent borrowers, and treatment of consumers who have filed for bankruptcy or invoked certain protections under the Fair Debt Collection Practices Act.

Separate from the qualified mortgage rules, the CFPB has issued regulations to protect consumers from abuses by the companies that collect their monthly payments. The new servicing standards that go into effect next year require lenders to take extra steps before foreclosing on a borrower’s home.

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