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Los Angeles, El Gordo y La Flaca, Santa Ana College

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The Consumer Financial Protection Bureau (CFPB) has recently proposed additional set of measures to expand foreclosure protections for mortgage borrowers.

Currently the CFPB continues engaging in the outreach task along with consumer advocacy groups, industry representatives, and other stakeholders to develop additional provisions to protect consumers and make it easier for companies to comply with the rules. New proposals would give greater protections to mortgage borrowers.

Among these new proposals are a number of provisions to improve borrower/servicer communications and to clarify previous regulations, such as,

• Protections for mortgage heirs
• Servicers would be required to notify borrowers when their loss mitigation applications are complete and when their foreclosure protections kick in
• The proposal offers full disclosure on “clarifications” from previous rules dealing with servicing rights transfers between firms.
• Would require servicers to provide periodic loss mitigation information and other statements to borrowers in bankruptcy.
• Servicing firms must also provide written early intervention notices to let those borrowers known about their loss mitigation options even after they’ve been told to stop contact.
• Clarifying the meaning of “delinquency” for the purpose of its servicing rules. Delinquency begins on the day a borrower fails to make a periodic payment. If that payment is later made up, the bureau proposes that the date of delinquency should be pushed up creating room for servicers to consider a payment as “timely”.

A full summary of the proposal can be found at CFPB’s web site.

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 Sandra M. Flores  CA. DRE Lic. # 01122114 - NMLS Lic. #324482     
Broker Officer at J.C. & S.M. INC. DBA. Real Estate On Demand & Home Loans On Demand  Licensed by the California Department of Real Estate
Lic. # 01520569 NMLS # 235895

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