Prior to the effective date of the RESPA mortgage servicing rule, servicers had no federal statutory or regulatory provisions about starting or completing foreclosures. The rule also created error resolution provisions, and force-placed insurance conditions that were included in the Dodd-Frank Act’s amendments to RESPA.
Read on for our latest installment of a series highlighting the Consumer Financial Protection Bureau’s (CFPB) assessment of the rule, and what impact the foreclosure, error resolution and force-placed insurance provisions had over the past five years.
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