CFPB offers more guidance on contacting, responding to troubled borrowers

CFPB RFI on Guidance Thursday, April 05, 2018 The Consumer Financial Protection Bureau’s request for information (RFI) on guidance and implementation.

Because mortgage servicers subject to the Fair Debt Collection Practices Act are prohibited from sending notices to borrowers more than once during any 180-period, the CFPB found that servicers essentially had too little time to provide the early intervention notices to distressed borrowers. The CFPB found that servicers had to provide notices on exactly the 180 th day, after providing a prior notice, which gave them too little margin.

Freddie Mac: Mortgage rates posts little change Mortgage rates reported little change for the week, with the average 30-year fixed mortgage rate staying just barely below 4%, freddie mac primary mortgage market Survey said. The average 30-year.