Consumer Financial Protection Bureau Issues New Mortgage Rules

The Consumer Financial Protection Bureau (CFPB) has issued new rules to protect homeowners facing foreclosure. Among the new rules is a requirement that loan servicers inform borrowers about their “loss mitigation options” after two payments have been missed. “They must provide them a written notice that includes examples of options that might be available to them as alternatives to foreclosure and instructions for how to obtain more information.”  Read the full CFPB press release here.