By Denyse JonesOn January 10, 2014, the Consumer Protection Finance Bureau enacted the 2013 Mortgage Servicing Rules to deal with the abusive practices recognized after the 2008 monetary disaster. These Rules amend Regulation X that implements the Real Estate Settlement Procedures Act and Regulation Z that implements theTruth in Lending Act. Although the Rules are designed to supply customers with detailed well timed data relating to their mortgages, they require mortgage servicers to reveal extra information in less time and can probably drive up servicing costs. Now, critics of the law are saying its imprecise language and the shortage of…
- 18/02/2022
- 7 min read
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