WRE News July 16, 2024
Buyer
The Consumer Financial Protection Bureau (CFPB) has proposed new rules designed to make it easier for homeowners to get help when they are struggling to pay their mortgage.
According to the CFPB, the proposed changes would require mortgage servicers to focus on helping borrowers rather than emphasizing on foreclosure. The changes would require servicers to try to help borrowers first before going direct to foreclosing, and servicers would generally only be allowed to move ahead with foreclosure after all possibilities for assistance are exhausted or the borrower has stopped communicating with the servicer. The proposal would also limit the fees a servicer can charge a borrower while the servicer is reviewing possible options to help the borrower.
The proposed changes would also ensure that borrowers marketing materials in another language could request mortgage assistance communications in that same language. Servicers would also need to provide oral interpretation services in telephone calls with borrowers.
As for the servicers, the proposed changes are designed to reduce delays by streamlining paperwork requirements. The CFPB said servicers would have more flexibility to review borrowers for each option individually, and communications with borrowers would involve more tailored notices regarding payment information and resources for assistance.
The CFPB is accepting input on the proposed changes through Sept. 9.
“When struggling homeowners can get the help they need without unnecessary obstacles, it is better for borrowers, servicers, and the economy as a whole,” said CFPB Director Rohit Chopra. “The CFPB’s proposal would reduce avoidable foreclosures and make the mortgage market more resilient during future crises.”
Stay up to date on the latest real estate trends.
Buyer
August 29, 2025
You may have seen talk online that new home inventory is at its highest level since the crash.
Buyer
August 29, 2025
It’s not unusual for designers to use their own homes as a mad laboratory, fiddling with new materials, half-baked ideas, and “could this work?
Lifestyle
August 28, 2025
It just happens that one of the most accessible and budget-friendly forms of exercise is also the most beneficial for your health: walking.
Seller
August 28, 2025
Now that the market is slowing down, homeowners who haven’t sold at the price they were hoping for are increasingly pulling their homes off the market.
Buyer
August 26, 2025
Sales of new single-family houses in July were at a seasonally adjusted annual rate of 652,000, according to estimates released jointly today by the US Census Bureau a… Read more
Buyer
August 26, 2025
If you’re still worried about having to deal with a bidding war when you buy a home, you may be able to let some of that fear go.
We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today