New Rules are Here to Help You
The Consumer Financial Protection Bureau (CFPB) has recently amended its rules under the Truth In Lending Act (TILA). The rules now require that mortgage companies and banks continue to provide monthly mortgage statements to debtors in Bankruptcy. Now, this is required, even when the mortgage is discharged. As a result, homeowners will now have more information about their mortgage loan status. Also, they have the ability to review the loans. This ensures that mortgage companies are properly applying payments and loan servicing.