CFPB Proposes New Rules to Help Homeowners
The CFPB has proposed new rules aimed at simplifying the process for struggling homeowners to receive mortgage assistance. These rules would require mortgage servicers to prioritize helping borrowers over foreclosing, streamline paperwork requirements, enhance communication with borrowers, and ensure information is accessible in languages borrowers understand. CFPB Director Rohit Chopra emphasized that these changes are designed to reduce foreclosures, bolster market resilience, and benefit borrowers, servicers, and the broader economy. [7/11/24]