The Consumer Financial Protection Bureau late last week issued its long-awaited proposal to establish national mortgage servicing standards for banks and nonbanks alike, extending a number of key aspects of the big national servicing settlement to the entire industry in the process. The proposed rule covers nine major topics and would implement changes made by the Dodd-Frank Act to the Truth in Lending Act and the Real Estate Settlement Procedures Act. The proposed rule generally requires servicers of closed-end residential mortgage loans (other than reverse mortgages) to send a periodic statement for each billing cycle, and the CFPB’s proposal spells out the timing, form and content requirements of such statements, and includes sample forms that servicers can use. Special rules will apply...