The proposal to amend the mortgage servicing rules aims to streamline and strengthen certain provisions in the existing mortgage servicing rules or order to provide added flexibility for servicers to get consumers assistance quickly and enhance borrower protections against foreclosure dual tracking and fees. The proposed rule also requires improved communications with borrowers, including borrowers with limited English proficiency, at key parts of the loss mitigation process.
The public comment period will be open until September 9 and we hope The Mortgage Collaborative’s members will submit comments. Please click below to reach the details on each proposal and then click the additional button