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New York Legal Blog
February 11, 2014  |  By admin

Consumer Financial Protection Bureau Changes (effective January 10, 2014)

Newly enacted Consumer Financial Protection Bureau (CFPB) rules designed to protect defaulted homeowners will become effective today, January 10, 2014. Click here to download a client memorandum explaining these changes in further detail.

These regulations only apply to servicers, which are defined as people responsible for the servicing of a federally related mortgage loan (including a person who makes or holds such loans if such person also services the loan). These regulations do not include “small servicers” who are defined as lenders that service 5,000 or fewer mortgage loans and service only mortgage loans that they or an affiliate originated or own. This differentiation aims to reward the small servicers who typically have strong consumer service safeguards already built in their lending practices.

The above referenced memorandum will answer the following questions:
• How will the newly imposed loss mitigation rules impact my ability to commence any action?
• How quickly must I respond to a homeowner following receipt of a complete/incomplete loss mitigation application?
• How long does a homeowner have to appeal a loss mitigation denial? Does this place a stay upon my foreclosure action?
• How long does the homeowner have to accept a loss mitigation offer?
• How will the newly imposed “Early Intervention” Requirements impact my business?
• How will the newly imposed “Continuity of Contact” Requirements impact my business?

Please feel free to contact us directly with any further questions.

–Adam J. Friedman, Esq.

Previous StoryUnderstanding Reverse Mortgages and the Changes that Lie Ahead in 2014
Next StoryThe Legalities of Short-Term Rentals in NYC

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Pulvers, Pulvers & Thompson, L.L.P., is a client-centric, results driven law firm with a focus on personal injury representation. With happy clients all over Greater New York and a strong record of success protecting their interests, we are confident that we can help you pursue the justice and compensation you need after a serious injury.

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ABOUT US

Pulvers, Pulvers & Thompson, L.L.P., is a client-centric, results driven law firm with a focus on personal injury representation. With happy clients all over Greater New York and a strong record of success protecting their interests, we are confident that we can help you pursue the justice and compensation you need after a serious injury.

Habla Español

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