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CFPB seeks public input on review of mortgage servicer rule

Joe Mont | May 8, 2017

The Consumer Financial Protection Bureau has announced plans to reconsider the effectiveness of the Real Estate Settlement Procedures Act’s mortgage servicing rules. It is seeking public comment to assist with the assessment.

Mortgage loan servicers are typically responsible for several activities relating to mortgage loans, including: processing loan payments; responding to borrower inquiries; keeping track of principal and interest paid; managing escrow accounts; and pursuing collection and loss mitigation activities (including foreclosures and loan modifications) under certain circumstances.

In January 2013, the Bureau issued the Mortgage Servicing Rules Under the Real Estate Settlement Procedures Act, It was subsequently amended before taking effect one year later. “The rule gave borrowers new consumer protections related to...

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