Borrowers get some legal leverage in CFPB servicing rules

The Consumer Financial Protection Bureau is expected to finalize its second round of mortgage servicing rules in July, a top agency official said. Laurie Maggiano, a program manager for servicing and secondary markets at the CFPB, also offered insights into the bureau’s long-anticipated rulemaking on debt collection.

Bank of America ( BAC) early this month agreed to sell servicerNationstar Mortgage Holdings ( NSM) some $215 billion in residential mortgage servicing. borrowers through the foreclosure process.

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