One set of rules aims to provide homeowners with clearer, timelier information about changes to interest rates and options for avoiding foreclosure. A second set of rules requires servicers to credit payments promptly, correct errors, stay accessible and limit foreclosures if homeowners are working on loan modifications.
“Millions of homeowners are struggling to pay their mortgages, often through no fault of their own,” CFPB Director Richard Cordray said in an e-mailed statement. “These proposed rules would offer consumers basic protections and put the ‘service’ back into mortgage servicing.”
Cordray summed up the policy underpinning the rules as “no surprises and no runarounds.” The bureau is seeking public comment on the proposals by Oct. 9, and will finalize them by January 2013.
The proposal would cover major bank servicers, such as Bank of America Corp. (BAC), as well as smaller non-bank players like Ocwen Financial Corp. (OCN)
Isaac Boltansky, an analyst with Compass Point Research & Trading LLC in Washington, said in a research note that the new rules would support a “secular shift in the mortgage servicing industry” away from big banks toward specialty servicers like Ocwen.
“We expect the big bank servicers to offload a sizable portion of their servicing assets,” Boltansky wrote.
The new regulations go beyond the standards for mortgage servicing that state attorneys general wrote into a court settlement reached with major banks on March 12, according to a senior CFPB official who briefed reporters on condition of anonymity. For example, the CFPB proposal requires servicers to acknowledge receipt of complaints or information requests within 5 days, and respond to the borrower about the inquiry within 30 to 45 days.
For the latest updates on the stock market, PRESS CTR + D or visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
Related Post:
Mortgage
- Current mortgage interest rates 9/25/2012
- how will Mortgage rates for next week september 24-28 2012
- U.S. new home sales august 2012
- Current mortgage interest rates september 18 2012
- Libor interest rate 2012-2013
- Chase Bank mortgage rate august 29 2012
- Wells Fargo mortgage interest rate august 29 2012
- US. New Home Sales report 23 august 2012
- July US Existing Home Sales report 22 august 2012
- Mortgage Stocks to Buy for 20-24 August 2012
- July new home sales outlook report 8/22/2012
- Mortgage Rates August 7, 2012
- Tesco Bank fixed-rate and tracker mortgages
- Tesco Bank Home Loans will be available august 6 2012
- CML Top Largest mortgage lenders 2011
- U.S. home mortgages rates july 25, 2012
- Why MBS prices down july 25, 2012
- China home prices juni 2012
- mortgage interest rates prediction next week june 11-15 2012
- mortgage interest rates outlook summer 2012
- US 30-year mortgage rate outlook june 2012
- Mortgage Rates outlook next week May 28-June 1 2012
- Irish Mortgage problem 2012
- Mortgage Rates predictions next week may 21- 25 2012
No comments:
Post a Comment