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Mortgage servicing rules proposed by CFPB

The Consumer Financial Protection Bureau on Aug. 10 proposed two sets of rules imposing new requirements on mortgage servicers.

The first set of rules -- issued under the Truth in Lending Act -- would require servicers to provide clear monthly mortgage statements that include a breakdown of payments by principal, interest, fees, and escrow; the amount of and due date of the next payment; recent transaction activity; and warnings about fees.

The second set of rules -- issued under the Real Estate Settlement Procedures Act -- would impose requirements for handling consumer accounts, correcting errors, and evaluating borrowers for options to avoid foreclosure.

You can click below to read summaries of the rules and proposals.

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