CFPB Opens Proposed Mortgage Rule Changes for Public Comment

The CFPB servicing rules mandate a five-day deadline to acknowledge receipt of a loss mitigation application and note whether or not that application is complete. The proposal clarifies that servicers are required to seek the additional information from the borrower if they cannot complete the assessment without it and requires that servicers ensure that borrowers do not lose certain protections under the rule until the borrower has had a reasonable time to remedy the application's deficiencies.''