Making Mortgage Servicing More Effective: Comments to the CFPB
The ongoing foreclosure crisis has made plain the need for meaningful mortgage servicing standards that apply to mortgages and servicers across the country. Both policymakers and homeowners alike are now familiar with a range of mortgage servicing shortcomings that have made it difficult for borrowers to obtain loan modifications and other loss mitigation options. Consumer protection for servicing is particularly important because, even though borrowers can choose their lender, they cannot controlwho services their loan. One of the challenges raised by borrowers and advocates has been the...