to the stricter regulations on lending which were referenced in, “Thinking it’s
difficult to get a mortgage now? Just wait!,” here are some new adjustments
that are good
for the consumer/borrower.
The CFPB has
now ruled as of January 2014, lenders will no longer be able to
practice what is known as dual tracking, meaning, if the borrower has already
submitted an application for a loan modification or an alternative, the lender
cannot proceed with filing foreclosure.
adjustment will be that servicers will have to wait until a borrower is 120
days delinquent on their mortgage before filing the first foreclosure
notice. They will also be obligated to
present the borrower with a written form of all available loss mitigation
options. This will be mandatory after the
borrower misses 2 consecutive payments.
will also be responsible for providing consistent, easy access to their
employees that assist with loans as well as contacting the borrower directly
when corrections or additional information is needed on loan modification
seems like a step in the right direction.