The Consumer Financial Protection Bureau (CFPB) recently released a final rule amending the existing mortgage servicing rules in Regulations X and Z. The CFPB first proposed to amend these rules in November 2014 and, after receiving considerable feedback from both industry and consumer stakeholders, has now released a final rule that will very likely present implementation and compliance challenges for mortgage servicers.
Republished with permission. This article was first published in the October 2016 issue of Servicing Management.
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