CFPB Presentation

2016 CFPB Servicing Amendments

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Foreclosure Prohibition - If a servicer has made the first notice or filing required under applicable law for a judicial or non-judicial foreclosure process and a borrower submits a complete loss mitigation application more than 37 days before the foreclosure sale, the servicer must not conduct a foreclosure sale or allow it to be conducted until the application has been evaluated and one of several conditions has been satisfied. The 2016 Amendments also clarify that servicers are responsible for the actions of their foreclosure counsel. 24 Clarification of Foreclosure Prohibition

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