By Denyse JonesOn January 10, 2014, the Consumer Protection Finance Bureau enacted the 2013 Mortgage Servicing Rules to deal with the abusive practices recognized after the 2008 financial crisis. These Rules amend Regulation X that implements the Real Estate Settlement Procedures Act and Regulation Z that implements theTruth in Lending Act. Although the Rules are designed to offer consumers with detailed well timed information concerning their mortgages, they require mortgage servicers to disclose more info in less time and will doubtless drive up servicing costs.
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