TMHA Submits Loan Servicing Comments to CFPB

TMHA submitted formal comments to the CFPB on the proposed loan servicing regulations on October 9th. The proposed rule provided for a “small servicer” exemption to the Periodic  Statement Requirement to provide specific monthly statements to all borrowers who loans are serviced.  The exception is for any servicer with fewer than 1,000 loans they either originated or retain in portfolio.  The small servicer exemption is critical to many owner-finance and communities funding and servicing their own portfolio.  TMHA requests the CFPB retain and expand the currently proposed “small servicers” exemption to also include the Prompt Payment Crediting proposed requirement, which TMHA fears would add additional unnecessary layers of cost to small servicers.  To read TMHA’s comment click here.