NAR Submits Comments on Mortgage Servicing Proposals
On July 9, 2012, NAR President Moe Veissi submitted comment to the Consumer Financial Protection Bureau (CFPB) on its outline of proposals for future mortgage servicing rulemaking.
NAR supported the CFPB’s proposals for requiring early intervention by servicers to help delinquent borrowers, the development of a single point of contact for borrowers requesting a loan modification or short sale, and firm deadlines for accurate payoff balance information. Additionally, NAR requested that the CFPB reconsider a proposal that would require servicers to contact delinquent borrowers within 45 days, and suggested that thirty days would be a more reasonable standard.
NAR’s comments follow the June 19 meeting with CFPB Director Richard Cordray during which Veissi expressed support for the implementation of servicing standards that will lead to improvements in servicer outreach to families that are at risk of losing their homes.