Federal government revamps mortgage services rules - WKOW 27: Madison, WI Breaking News, Weather and Sports

Federal government revamps mortgage services rules

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By John Beard - bio | email
WASHINGTON, D.C. (WKOW) -

The U.S. Consumer Financial Protection Bureau Friday proposed new rules that could change the way American homeowners interact with mortgage services.

One rule could provide homeowners with clearer, timelier information about changes to interest rates and options for avoiding foreclosure.

A second requires mortgage services to credit payments promptly, correct errors, stay accessible and limit foreclosures in cases where homeowners are working on loan modifications.

CFPB Director Richard Cordray summed up the policy underpinning the rules as "no surprises and no runarounds."

The bureau is seeking public comment on the proposals by Oct. 9, and will finalize them by January 2013.

The proposal would cover institutions like Bank of America, as well as smaller non-bank players like Ocwen Financial.

 

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