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Wednesday, January 16, 2013

CFPB Rules on Mortgage Servicing Expected Tomorrow

The CFPB is expected to release final mortgage servicing rules in conjunction with a field hearing planned for tomorrow in Atlanta.

ABA in October commented on the bureau’s proposed rules, which would impose new requirements regarding periodic statements, rate reset notices, error resolution, loss mitigation, and other servicing topics. Among other things, ABA expressed concern that the proposals were overly broad and could cause high-quality servicing to become uneconomical, particularly at small banks.

Read a timeline of mortgage reforms expected in 2013.

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