Expand Your Education with These Courses from
Customer Relationship Building: Skills for Sales Success: Part Seven.
A Consumer Advocate Approach to Real Estate & Mortgages: Courses 1 & 2.
Bundle 1: CIPS Core Courses (Non-US Version).
Bundle 2: CIPS Elective Courses (US Version).
Bundle 3: CIPS Institute (Non-US Version).

MBA Commends CFPB’s Mortgage Servicing Rules

Have a comment on this article? Share on Facebook!

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.

Have a comment on this article? Share on Facebook!

Join RISMedia on Twitter and Facebook to connect with us and share your thoughts on this and other topics.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Copyright© 2016 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.

Content on this website is copyrighted and may not be redistributed without express written permission from RISMedia. Access to RISMedia archives and thousands of articles like this, as well as consumer real estate videos, are available through RISMedia's REsource Licensed Content Solutions. Offering the industry’s most comprehensive and affordable content packages. Click here to learn more! http://resource.rismedia.com

Our Latest News >>