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CFPB Submits Final Mortgage Servicing Rule to White House

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CFPB Submits Final Mortgage Servicing Rule to White House

The Consumer Financial Protection Bureau (CFPB) last week sent a final rule governing mortgage servicing to the White House.

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The rule, titled “Streamlining Mortgage Servicing for Borrowers Experiencing Payment Difficulties (Regulation X),” is the subject of a report Wednesday (Nov. 11) by the Consumer Financial Services Law Monitor.

According to the report, the White House Office of Management and Budget will now review the rule. While it’s not clear what the rule entails, the report argued this submission is the clearest sign to date that the CFPB aims to finish a loss mitigation overhaul it proposed in 2024.

Most observers, the report said, expect the final rule to look markedly different from the initial proposal. That proposal, created under President Joe Biden, would have established stronger protections for borrowers, the report added. The banking industry has pushed back, calling these protections overly broad.

“We won’t know the final rule’s content until it is published,” the report added. “But the comment record and the current Bureau’s priorities point toward a significantly narrower rule.”

The report also noted that since the start of the second Trump administration, the CFPB “has also rescinded prior guidance and signaled that it prefers clear, fixed rules to open-ended frameworks like the one in the 2024 proposal.”

Meanwhile, PYMNTS wrote earlier this week about the future of the CFPB as Sen. , is likely set to become chair of the Senate Banking Committee .


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