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ABA seeks clarity on 120-day rule, other CFPB servicing provisions
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Consumer Protection
Wednesday, August 6, 2014
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The American Bankers Association urged the Consumer Financial Protection Bureau to clarify some of its new mortgage servicing requirements, including the application of rule provisions that bar servicers from making the first notice or filing for foreclosure unless a borrower’s loan is more than 120 days delinquent. The group said that this seemingly simple regulatory requirement “becomes complicated to apply on a day-to-day basis.” Read on to learn about the issues identified by the ABA and how the group would like the CFPB to address them.
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