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.    

Mortgage Servicing and Foreclosure Consent Judgments Approved

On April 4, U.S. District Court Judge Collyer approved the previously announced consent judgments resolving claims by by the DOJ and 49 state AGs against Ally, Bank of America, Citi, JPMorgan and Wells Fargo relating to alleged mortgage servicing and foreclosure practices.  Ally Financial Consent Judgment.  Bank of America Consent Judgment.  Citigroup Consent Judgment.  JP Morgan Consent Judgment.  Wells Fargo Consent Judgment.