CFPB issues rule to help mortgage servicers communicate with certain borrowers at risk of foreclosure

The Consumer Financial Protection Bureau today issued an interim final rule and a proposed rule "to provide mortgage servicers more flexibility and certainty around requirements to communicate with certain borrowers under the Bureau’s 2016 mortgage servicing amendments. The interim final rule gives servicers more flexibility regarding when to communicate about foreclosure prevention options with borrowers who have requested a cease in communication under federal debt collection law. The proposed rule would provide more certainty for mortgage servicers about when to provide periodic statements to consumers in connection with their bankruptcy case."

The CFPB's full press release, with a link to the interim final rule and proposed rule, is here.

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