Federal Agency seeking comments on new mortgage proposals

Services for Real Estate Pros with Scanlon Signing Services

The Consumer Financial Protection Bureau is seeking comments on a set of proposed rules designed to protect consumers from "robo-signing" and the foreclosures it caused. The federal agency states these new rules are a result of the foreclosure crisis and will effect how mortgage servicers do business.

The proposals would create new rules under the Real Estate Settlement Procedures Act (RESPA) and the Truth and Lending Act (TILA) that requires extensive record keeping and mandates to offer consumers alternatives to foreclosure.

Members of the public have until October 9th 2012 to comment on the rules.

Lisa Scanlon, CSA



Comments (1)

John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Lisa - Thank you for sharing detailed quality information on Federal Agency seeking comments on new mortgage proposals.

Sep 02, 2012 02:11 AM