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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For All Borrowers:
Who is Servicing Your Loan? -
For All Borrowers:
Periodic Statements -
For All Borrowers:
Asking For, and Getting, Information -
For All Borrowers:
Getting Errors Fixed -
For All Borrowers: Adjustable Rate Mortgages
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For Borrowers in Trouble: “Early Intervention” Help
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For Borrowers in Trouble: Reliable Contact with People Who Can Help
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For Borrowers in Trouble: Options for Avoiding Foreclosure
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For Borrowers in Trouble: Partial Payments
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For Borrowers in Trouble: “Force-Placed” Insurance
What's Happening Now
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October 10, 2012 – The discussion of CFPB’s mortgage servicing rules has ended and the final summary is available for viewing. Thank you to everyone who participated in the rulemaking. Please take a few minutes to fill out this SHORT survey about your Regulation Room experience, it should take less than 10 minutes. Your feedback is important to our work in expanding public understanding and meaningful participation in government policymaking. To show our appreciation for your help, two people who respond by November 1 will receive $50 gift certificates to Amazon.com.
October 3, 2012 – The discussion of CFPB’s mortgage rules is entering an important new phase: building the Summary of Discussion to file with CFPB as part of the formal record of public comments in the rulemakings. Please help create a summary that accurately captures the discussion. Click the links below and read the draft summaries prepared by the Regulation Room team.
For All Borrowers: Who’s Servicing Your Loan?
For All Borrowers: Periodic Statements
For All Borrowers: Asking For, and Getting, Information
For All Borrowers: Getting Errors Fixed
For All Borrowers: Getting Errors Fixed
For All Borrowers: Adjustable Rate Mortgages
For Borrowers in Trouble: “Early Intervention” Help
For Borrowers in Trouble: Reliable Contact with People Who Can Help
For Borrowers in Trouble: Options for Avoiding Foreclosure
For Borrowers in Trouble: Partial Payments
For Borrowers in Trouble: “Force-Placed” InsuranceAugust 10, 2012 - Regulation Room is open for CFPB’s newest proposed rules addressing servicing of mortgage loans. The CFPB’s rules would help ensure that mortgage companies communicate effectively with borrowers, keep good account records, and avoid certain practices that harm consumers. The proposed rules focus on ensuring that all consumers receive accurate and timely information about the status of their home mortgages, and that borrowers who are in trouble are told about their options for receiving help . Make sure you have your say on these important new consumer protections.
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 [...]
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 [...]
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. [...]
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 [...]
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 [...]
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 [...]
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 [...]
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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Past Rules
- Air Travel Accessibility Closed 1.9.12
- Electronic On-Board Recorders Closed 5.23.11
- Airline Passenger Rights Closed 9.23.10
- Texting Closed 1.10.10
- Tire Efficiency Closed 12.13.09
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 [...]