Current Rules

Home Mortgage Consumer Protection

 

The mortgage crisis showed that some residential mortgage lenders weren’t doing a good job of keeping careful records and communicating with borrowers. Some of this affected all borrowers, but the worst effect was that some people who could have worked out their problems with the right help, lost their homes. Congress has told the Consumer Financial Protection Bureau (CFPB) to adopt new federal regulations to avoid this in the future. On this site, you can read about the new proposals, react to them, and discuss them with others. What you say here will make a difference: CFPB is required to consider public comment before making a final decision, and it will get a detailed summary of what Regulation Room commenters have to say.

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The Issues:
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What's Happening Now

loanswithjorge
September 26, 2012 11:05 am

In response, the CFPB is surely on the right track and I understand that added stress on the company, but as much is added to the consumer. As mentioned in the TIME FRAME allocated to such a transfer, 15 days in my eyes is short and should be at least 30-45 days. Why, simple...most mortgagor's pay their mortgages "Once every month", so what is happening is that the burden of making an adjustment i [...]

peekaboo
September 21, 2012 12:33 am

First, I want to thank you for your response. I'm never sure if anyone reads this stuff or cares. What the CFPB does will be very important to borrowers and service providers. I don't agree that size is a necessary condition for excellent service. We work with financial institutions that service from 10 loans to 10,000 and the largest give as good and sometimes better service than the smallest. Mo [...]

hotblazer
August 29, 2012 7:02 pm

I think tasheh has experienced a common problem with coupon books and Marcy has not. Let Marcy request a coupon book, but do not give the servicers the first option to provide. ALL borrowers should recieve periodic statements, and online access if available. The fixed rate exception should be stricken. I think the servicers have been overcharging and sliding in fees for years, it's quite profitabl [...]

pamela wilson
August 21, 2012 12:41 pm

I think the form is a great start. I suggest (1) making the the items that propose the Alternatives i.e. refinance, modification etc. to be placed in bold as well because they are important options. (2) Reminding consumers that there are various websites, such as bankrate.com that can give them information about prevailing rates. (3) putting a representative pict of a posted libor rate from wsj. [...]

dennis frailey
August 18, 2012 12:01 pm

The problem with all of this is that the consumer doesn't understand all of the parties involved in his or her loan and might need that information in the case of a financial crisis of some kind. In addition to the servicer of the loan there is the question of who actually owns the loan and, if the loan has been bundled into some sort of security, perhaps the borrower should know that as well. Lac [...]

versability1
October 4, 2012 1:52 pm

Just to clarify, REO insurance should NEVER be charged to the borrower. The problem isn’t the cost of REO, it’s that it’s even being charged to the consumer in the first place. REO insurance NEV [...]

versability1
October 4, 2012 1:52 pm

Ignore that...meant to post it above...

versability1
October 4, 2012 1:40 pm

Just to clarify, REO insurance should NEVER be charged to the borrower. The problem isn't the cost of REO, it's that it's even being charged to the consumer in the first place. REO insurance NEVER cov [...]

versability1
October 4, 2012 1:39 pm

Borrowers need not only to be able to update their information online, but they need to be able to do it proactively on the loan servicer's website. When we just say "online" the banks state they can [...]

versability1
October 4, 2012 1:05 pm

I think it's important to emphasize that an insurance tracker should not be allowed to act as both the loan servicer and the force-placed insurer in the event of a claim. The insurer/mortgager relatio [...]

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