Amendments – Why?
In January 2014, comprehensive changes to the mortgage servicing
requirements in Regulations X and Z became effective. In the months
that followed, the Bureau received many industry and consumer
suggestions to improve the clarity and effectiveness of the rules. Many
of the changes in these amendments implement those suggestions.
Additionally, these amendments include new consumer protections for
borrowers in bankruptcy and for successors in interest who inherit or
receive mortgaged properties from borrowers.
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