Administrative/Regulatory
Jan. 11, 2014
New mortgage servicing rules turn practice on its head
The myriad new rules impose strict requirements beginning Jan 10. By Sanford Shatz and Hassan Elrakabawy
In January 2013, the Consumer Financial Protection Bureau issued nine mortgage servicing rules that rewrite how mortgages are serviced. The new rules are designed to provide borrowers with more detailed information regarding their loans and require servicers to provide more timely and accurate responses to borrower complaints. The final rules also seek to ensure that mortgage servicers do not unexpectedly assess borrowers wi...
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