The CFPB recently issued its final rule amending the timing requirements for transitioning between unmodified periodic statements and modified statements for consumers in bankruptcy. Initially proposed on October 4, 2017, the CFPB finalized the amendments without further revision. These changes will go into effect on April 19, 2018, along with the other servicing rule amendments adopted in 2016 that require sending periodic statements to consumers in bankruptcy. … Continue Reading
The CFPB now wants comments on a prototype monthly mortgage statement. The form already has been through one round of testing, and two more rounds are planned.
Despite industry opposition, the Dodd-Frank Act included a requirement for creditors, assignees or servicers of mortgage loans to provide periodic statements to borrowers containing specified information and directed the CFPB to develop a model form for the statements that takes into account the possibility of either written or electronic delivery.… Continue Reading