MBA Summary of CFPB Modifications to Servicing Provisions of Regulation X
On September 13, the Consumer Financial Protection Bureau (CFPB) issued a final rule amending and clarifying the Servicing, Ability to Repay/Qualified Mortgage, Loan Originator Compensation and Appraisal rules. In many areas, the CFPB responded to the Mortgage Bankers Association (MBA) comments seeking revisions that would facilitate compliance by the industry. Following is a summary released by the MBA on September 20, which addresses modifications to the servicing provisions of Regulation X.
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Safeguard Properties is the largest mortgage field services company in the U.S. Founded in 1990 by Robert Klein and based in Valley View, Ohio, the company inspects and maintains defaulted and foreclosed properties for mortgage servicers, lenders, and other financial institutions. Safeguard employs approximately 1,700 people, in addition to a network of thousands of contractors nationally. Website: www.safeguardproperties.com.