It has enabled the industry to evolve its loss mitigation norms by helping to define a process that uses income to drive to a specific debt-to-income level, and it is likely that modifications beyond HAMP will continue to occur on this basis.
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New Proposed Bankruptcy Rules: Focus on Periodic Statements
Under the CFPB’s proposed rules, most borrowers in bankruptcy would receive periodic statements/coupons, unless the borrower requests that the servicer stop sending them; surrenders the property; the court avoids the lien; or the lien is relieved from stay.
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