ICBA said it supports the Consumer Financial Protection Bureau’s proposed amendments to its mortgage-servicing rules, which the bureau issued following ICBA and industry advocacy.
One proposed amendment would permit small servicers to
service seller-financed mortgages in which the bank is not the creditor and to
retain their small-servicer status, which ICBA and community bankers advocated
in bureau meetings. ICBA said this change would allow small servicers to
continue serving clients while being reasonably compensated.
The association raised concerns with a proposal that would
require extensive tracking of successors in interest. ICBA asked the CFPB to
exempt small servicers from any prescriptive requirements in this area and to
provide clear guidance regarding who can be a successor in interest.
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