David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA), issued the following statement on the final Mortgage Servicing Rules released recently by the Consumer Financial Protection Bureau (CFPB).
“MBA commends Director Cordray and the CFPB for finalizing the mortgage servicing rules, and continuing to produce regulations that enhance transparency and certainty for borrowers and servicers alike. Overall, the objective of this effort is the right one – create one set of rules so that borrowers know how they will be treated and servicers know what is expected of them.
“While we still have not seen the full rule, the information we have seen so far indicates that the CFPB made productive changes to a number of the provisions, many of which were suggested by MBA and other stakeholders and we appreciate the CFPB’s inclusive rulemaking process. As with any rule of this size, the devil is truly in the details, and for servicers, that means how the rules are implemented and operationalized.
“An initial reading of the summary indicates that there are some issues that still concern us. For example, the definition of ‘small servicer’, while improved, may still be too narrow and there may be inconsistencies between the new rules around dual tracking and existing timelines mandated by Fannie Mae, Freddie Mac, FHA and the states.
“We look forward to continuing to work with the CFPB to smooth over the implementation process for these new rules and address any remaining concerns with the new standards.”
For more information, visit www.mortgagebankers.org.
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