The Consumer Financial Protection Bureau finalized new regulations yesterday that it says will ensure homeowners and struggling borrowers are treated fairly by mortgage servicers, HousingWire.com reported. The final mortgage servicing rule will require servicers to provide certain borrowers with foreclosure protections more than once over the life of the loan, clarifies borrower protections when the servicing of a loan is transferred and provides loan information to borrowers in bankruptcy. “These updates to the rule will give greater protections to mortgage borrowers, particularly surviving family members and other successors in interest, who often are especially vulnerable,” said CFPB Director Richard Cordray. The changes also work to ensure family members and others who inherit or receive property generally have the same protections under the CFPB’s mortgage servicing rules as the original borrower.
