Wouldn’t it be nice to know what’s going on with your home loan? The Consumer Financial Protection Bureau thinks so!
When we at Hometown Lending Lynnwood survey our customers and ask them to tell us the issues that bother them most about the Mortgage Industry as a whole, the top responses are always their inability to really know about changes with their loan and the feeling there’s nothing they could do if they didn’t know why those changes took place! In short, most of the homeowners surveyed felt like they got the run around whenever they had a question.
Now it seems the Consumer Financial Protection Bureau (CFPB) is working to put in place some mortgage servicing rules to help homeowners from those changes and surprises and force lenders and servicers to be more accountable to borrowers and future borrowers.
The Consumer Financial Protection Bureau CFPB is looking into enacting a number of changes that should be good news to homeowners if put in place:
- Clear monthly mortgage statements
- Letting homeowners know in advance of interest rate adjustments
- Allowing borrowers to be more involved with choosing their own insurance
- Proactively helping homeowners stay out of foreclosure.
- Posting payments immediately to help homeowners avoid late fees
- Make all records accessible and quickly correct in errors found on those records
- Lastly, easy accessibility to foreclosure prevention and real human communications
The CFPB is looking to initiate these items by this summer and have everything wrapped up by the first of the year!
At Hometown Lending Lynnwood, we pride ourselves on our open book policy and we are always eager to talk with our customers about any of todays issues that are currently plaguing many homeowners across the country. If you have any questions about your current loan or how we can help you understand the benefits of HARP 2.0 or some of the other opportunities available to help you avoid foreclosure…give us a call at 425-678-8608 and one of our financial counselors will take the time you need to answer all your questions!