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More Developments By The CFPB
June 18th, 2013 2:34 PM

In addition 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.

Another 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.

Servicers 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 documents.

Interesting… seems like a step in the right direction.


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Posted by Michael Hobbs on June 18th, 2013 2:34 PMPost a Comment

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