On April 24, the CFPB released guidance outlining recommended best practices for transferring mortgage servicing rights to a servicer or sub-servicer in compliance with Regulation X. Release. Guidance.
mortgage servicing
CFPB Proposed Mortgage Servicing Guidelines
On August 10, the CFPB announced two notices of proposed rulemaking regarding mortgage servicing. The proposed rules relate to: (i) monthly mortgage statements; (ii) warnings before interest rate adjustments; (iii) force-placed insurance; (iv) early outreach for delinquent borrowers; (v) prompt crediting of payments; (vi) accurate information management; (vii) error resolution and information requests; (viii) direct and ongoing access to servicer personnel; and (ix) evaluation for alternatives to foreclosure. Comments must be submitted by October 9. CFPB Release.
Congressional Foreclosure Hearings
On November 16, the Senate Banking Committee and on November 18, the House Financial Services Committee held hearings on issues in mortgage servicing, including foreclosure, robo-signing, loss mitigation, and chain of title. Senate Hearing Testimony. House Hearing Testimony.