Are you ready for the new CFPB bankruptcy statement requirements?

As you likely know, the Consumer Financial Protection Bureau amended the Real Estate Settlement Procedures Act (Regulation X) and Truth in Lending Act (Regulation Z) Mortgage Servicing Rules  regarding the information that a servicer must provide on all future bankruptcy statements. Compliance is required as of April 19, 2018, and compliance is no small feat.

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Periodic Statements for Bankrupt Borrowers: What Loan Servicers Need to Know Now about the CFPB’s New Rule

The Consumer Financial Protection Bureau recently finalized new regulations for loan servicers. Soon, mortgage borrowers who have filed for bankruptcy will have the right to demand greater transparency and more communication from the companies that service their loans. Penalties for violating this requirement could add up quickly for servicers who are unprepared or under informed. Read what you need to know in this post.

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