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Friday, September 13, 2013

CFPB Finalizes Modifications to Mortgage Rules

The CFPB has finalized amendments and clarifications to its January 2013 mortgage rules in an attempt to respond to questions that have been identified during the implementation process.

Among other things, the modifications include:
  • Clarify what servicer activities are prohibited in the first 120 days of delinquency
  • Outline procedures for obtaining follow-up information on loss-mitigation applications
  • Facilitate servicers’ offering of short-term forbearance plans
  • Clarify best practices for informing borrowers about the address for error resolution documents
  • Facilitate lending in rural or underserved areas
  • Make clarifications about financing of credit insurance premiums
  • Clarify the definition of a loan originator
  • Clarify the points and fees thresholds and loan originator compensation rules for manufactured housing employees
  • Revise effective dates of many loan originator compensation rule provisions
Read more.

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