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2016 MORTGAGE SERVICING FINAL RULE SUMMARY OF SUCCESSOR IN INTEREST PROVISIONS SectionApplicable to Small Services? Y A service must consider a confirmed successor in interest to be a borrower for
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The mortgage servicing final rule is a set of regulations issued by the Consumer Financial Protection Bureau (CFPB) that governs how mortgage servicers interact with borrowers and handle loan servicing activities.
Mortgage servicers are required to file the mortgage servicing final rule in compliance with the regulations set forth by the CFPB.
Mortgage servicers must carefully review the requirements outlined in the mortgage servicing final rule and ensure all necessary information is accurately reported.
The purpose of the mortgage servicing final rule is to protect borrowers by ensuring that mortgage servicers comply with certain standards and guidelines when handling mortgage servicing activities.
Mortgage servicers must report information related to borrower communications, loan modifications, escrow accounts, and other servicing-related activities as outlined in the final rule.
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