Final Rule Mandates More Loss Mitigation Consideration for Troubled Borrowers, Protections for Successors in Interest
August 11, 2016
A final rule issued late last week by the Consumer Financial Protection Bureau will add compliance burdens for mortgage servicers, according to industry participants. It includes new requirements for loss mitigation evaluations and standards for successors in interest to deceased borrowers. “The bureau believes that the majority of the provisions in this final rule would impose, at most, minimal new compliance burdens, and in many cases would reduce the compliance burden relative to the existing rules,” the CFPB said. Jonathan Kolodziej, an associate at the law firm of Bradley Arant Boult Cummings, said...