Servicers told the Consumer Financial Protection Bureau (CFPB) that early intervention provisions were among the least costly of the RESPA mortgage servicing rule’s provisions.
But the new requirement to provide a five-day acknowledgement notice for loss mitigation applications has proven costly for many servicers, according to the CFPB’s assessment of the rule, which took effect in January 2014.
Read on for part three of a five-part series on the rule lookbacks.
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