Other Regulators Find Problems With Proposed Rule Amendments
July 29, 2013
The New York State Department of Financial Services is concerned that the CFPBs proposed amendments to its mortgage loan servicing rulemaking would interfere with the states early-intervention efforts on behalf of delinquent homeowners. Heres the problem, as NY DFS sees it: Under the CFPBs proposed amendments to the mortgage rules per the Real Estate Settlement Procedures Act/ Regulation X, mortgage servicers are prohibited from making the first notice or filing required by applicable law for any judicial or non-judicial...