The Consumer Financial Protection Bureau issued a proposed rule to amend mortgage servicing rules under Regulation X.
Details: The proposed rule would:
Streamline existing loss-mitigation requirements to provide borrowers with quicker loss-mitigation solutions.
Add foreclosure procedural safeguards that begin as soon as a borrower requests loss-mitigation assistance.
Revise certain early-intervention requirements.
Provide borrowers with access to certain mortgage servicing communication in languages other than English.
ICBA View: ICBA is concerned that any additional requirements would add costs that would further discourage community banks from servicing mortgages. ICBA will provide comments on the proposed rule.
