Wednesday, February 13, 2013

Consumer Financial Protection Bureau Strikes Again!

I've got clients right in the middle of it. Another just missed the bullet! It's those dang Service Release/Transfer Dates and what happens before, during, and after it actually goes through.

Happy to know that the CFPB is monitoring those loan transfers and will continue to do so. There are rules and regulations that the lenders have to follow. A bulletin was issued to servicers, on behalf of consumers, reminding them of required protections when loan transfers occur.

My favorite quote from the article I read? : From the director of the CFPB ~ "Consumers should not be collateral damage in the mortgage servicing transfer process." Right On!

So, be aware, homeowners, you may have a transfer. Very similar to when you take out your home loan and the note is sold in under 30 days. You get notices, don't ignore them. When you are in the middle of a loan modification, don't ignore them. When you are in the middle of a Short-Sale, don't ignore them....and TELL YOUR REALTOR!!

Paperwork is supposed to follow to new lender. They are supposed to honor plans in motion. But, it's ultimately in your best interest to contact the new servicer/mortgage company quickly and establish that all ducks are in a row. One missing could muck up the whole process!

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