CFPB proposes amending Regulation X to prioritize borrower assistance over foreclosure in mortgage servicing.
The Consumer Financial Protection Bureau (CFPB) has proposed a new rule that would amend Regulation X, requiring mortgage servicers to prioritize borrower assistance and loss-mitigation options over foreclosure when borrowers struggle to make payments. The proposed changes aim to simplify assistance by reducing paperwork, improving borrower communication, and ensuring essential information is provided in languages borrowers understand. The CFPB is also seeking feedback on approaches to ensure servicers accurately and consistently report borrowers' credit information during assistance reviews.
July 10, 2024
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