In an unlikely alliance, housing advocates and big banks are joining forces to push for a new consumer protection in the mortgage industry. The proposed protection would shield borrowers from having to pay excessive fees and rates when they fall behind on their mortgage payments.
Currently, when a borrower falls behind on their mortgage payments, they are subject to fees and rates that can quickly add up, putting them at risk of losing their home. The new protection would shield borrowers from these excessive fees and rates, giving them a chance to catch up on their payments and stay in their home.
Both housing advocates and big banks believe that this new consumer protection is needed in order to help keep borrowers in their homes and avoid foreclosures. The alliance between these two groups is a rare one, but shows that they are both committed to protecting borrowers and ensuring that they have a fair chance to keep their homes.
You can read this full article at: https://www.housingwire.com/articles/new-mortgage-rule-could-harm-efforts-to-close-racial-homeownership-gap/(subscription required)
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