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ARTICLE · 25 SEPTEMBER 2019

CFPB Finalizes Amendments To Mortgage Servicing Regulations

Kane Russell Coleman Logan PC
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The Consumer Financial Protection Bureau ("CFPB") issued its final rule setting forth amendments and clarifications to mortgage servicing regulations on August 4, 2016.

United StatesFinance and Banking
Jeff Novel
Jeff Novel
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The Consumer Financial Protection Bureau ("CFPB") issued its final rule setting forth amendments and clarifications to mortgage servicing regulations on August 4, 2016. The final rule will implement new servicing regulations including the following:

  • Additional foreclosure protection for borrowers. If a borrower becomes current on his or her payments after submitting a prior, complete loss mitigation application, mortgage servicers will be required to follow loss mitigation requirements more than once during the life of a loan.
  • Definition of "Successor in Interest" and additional protections provided. The definition of "successor in interest" will include individuals who receive property after the death of a relative or joint owner, through a divorce, through certain trusts or from a spouse or parent. The final rule will also require servicers to comply with loss mitigation requirements for successors in interest.

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