CFPB Issues Final Mortgage Servicing Rule

On Thursday, March 8, 2018, the CFPB issued its final rule aimed at giving mortgage servicers more latitude in providing statements to consumers entering or exiting bankruptcy, as required by the CFPB’s 2016 mortgage servicing rule. The Truth in Lending Act requires mortgage servicers to provide periodic statements to borrowers, and the Bureau has developed sample forms for servicers to use. The effective date of this rule is April 19, 2018.