Consumer Financial Protection Bureau Proposes Rules to Protect Mortgage Borrowers - August 10, 2012

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today proposed two notices containing rules to protect homeowners from surprises and costly mistakes by their mortgage servicers.

The first set of CFPB’s proposed rules would provide consumers with clear and timely information about their mortgages so they can avoid costly surprises. They would bring greater transparency to the market.

The second set of proposed rules would impose common-sense requirements for handling consumer accounts, correcting errors, and evaluating borrowers for options to avoid foreclosure.

The proposed mortgage servicing rules are available here: http://files.consumerfinance.gov/f/201208_cfpb_tila_proposed_rules.pdf and http://files.consumerfinance.gov/f/201208_cfpb_respa_proposed_rules.pdf

Please click here for more information and the full press release from the CFPB.