Washington Report

Advocacy Updates from Washington D.C.

NAR Submits Comments on CFPB's Proposed Mortgage Servicing Rules

On Oct. 8, 2012, NAR President Moe Veissi submitted comments to the Consumer Financial Protection Bureau (CFPB) on proposed rules for national servicing standards to make improvements to mortgage servicing.  NAR generally supported the proposed improvements to mortgage servicing, particularly those proposals addressing early intervention and single point of contact for delinquent borrowers. 

The CFPB formally proposed the rules governing mortgage servicing after receiving feedback from NAR and other groups in April.  NAR's comments commend the efforts of the CFPB to offer fixes to problems in mortgage servicing including limits on force-placed insurance, contact with delinquent borrowers within 30 days of a missed payment, establishment of a single point of contact and firm deadlines for delivery of payoff statements.

NAR Comments

Notice: The information on this page may not be current. The archive is a collection of content previously published on one or more NAR web properties. Archive pages are not updated and may no longer be accurate. Users must independently verify the accuracy and currency of the information found here. The National Association of REALTORS® disclaims all liability for any loss or injury resulting from the use of the information or data found on this page.

Advertisement