Loss Mitigation
The 2016 Amendments include both changes to and clarifications of the
2014 loss mitigation rules. Perhaps the most significant change extends
the loss mitigation protections under the rule to consumers more than
once during the life of the loan. Many of the amendments - for example,
those relating to the 120 day rule, reasonable date for document
collection, and use of short term repayment plans - are responsive to
constructive industry feedback.
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