In response to feedback from credit unions, including the trades, the Consumer Financial Protection Bureau increased its mortgage servicing exemption from 1,000 loans to 5,000 loans.
However, because the CFPB has not yet released the actual rules, it is unclear how broad the exemption will be for small servicers. Those rules are expected to be released later Thursday.
The CFPB did provide a sneak-peak of its new final mortgage servicing regulations, saying in a release it will mandate new restrictions for servicers when dealing with struggling borrowers that include a ban on initiating foreclosure proceedings after the borrower has submitted a modification application.
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