Michelle Rodriguez
The California Mortgage Association (CMA) provided detailed comments to CFPB in response to the agency’s proposed rules to expand foreclosure protections for mortgage borrowers – specifically surviving family members and other homeowners with the same protections as the original borrower. UTA provided input into the comments.
The new rules would expand the definition of “borrower” to include potential ‘successors-in-interest’, and expand that definition to include parties who may not have a record title interest. The detailed comments address the definition of ‘successor in interest’; address privacy issues associated with applying the servicing rules to successors in interest; and address the concern with applying the servicing rules to unconfirmed successors.
Read Summary of Proposed Rules