By Denyse JonesOn January 10, 2014, the Consumer Protection Finance Bureau enacted the 2013 Mortgage Servicing Rules to address the abusive practices recognized after the 2008 financial disaster. 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 supply shoppers with detailed timely data regarding their mortgages, they require mortgage servicers to disclose more info in much less time and will likely drive up servicing prices.
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