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Tuesday, June 25, 2013

CFPB Proposes Modifications to Mortgage Rules

The CFPB proposed clarifications and some narrow revisions to its January 2013 mortgage rules. The changes included provisions related to:
  • Facilitating the ability of servicers to offer short-term forbearance plans;
  • Addressing the process for correcting errors or mistakes that may occur on loss mitigation; applications
  • Clarifying the definition of a loan originator;
  • Facilitating lending by small creditors, including those in rural or underserved areas;
  • Clarifying application of the prohibition on creditors financing credit insurance premiums, and;
  • Slightly adjusting effective dates of several provisions of the Loan Originator rule.
Comments to the CFPB on these revisions are due July 22.

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