Rep. DeLauro Reintroduces Regulation of Mortgage Servicing Act

June 28, 2013
National Mortgage Professional 
mortgage lending news

On the heels of a progress report for the 2012 nationwide foreclosure settlement, which indicated that much more needs to be done, Rep. Rosa DeLauro (D-Conn.) has reintroduced the Regulation of Mortgage Servicing Act. The proposal would compel lenders and servicers to improve communications by establishing a single point of contact for borrowers; abolish the "dual-track" process whereby a foreclosure proceeds despite ongoing negotiations for a loan workout; and mandate third-party reviews of modifications and other alternatives before families are sent into foreclosure. "I continue to hear from those who are in danger of losing their homes and yet, cannot get anyone from their lenders or mortgage servicers to answer their questions," DeLauro stated. "These families need help, and the industry needs better regulation."
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