Bureaus Servicing Rules Could Interfere With State Law
September 9, 2013
Mortgage lenders and servicers are increasingly worried about a number of aspects of the CFPBs mortgage servicing rules that were issued earlier this year, including some that could interfere with various state laws. The fear is that will cause unnecessary litigation, conflicting judicial decisions and prolonged uncertainty for the industry. One of the bureaus new regulations will require mortgage servicers to provide an opportunity to seek loss mitigation before foreclosure initiation is permitted, with a private right of...