Notary Bulletin Federal Agency Seeking Comment On Sweeping Mortgage Servicer Rule Proposals By Michael Lewis on August 23, 2012 in Mortgage Finance & Economic News The Consumer Financial Protection Bureau is seeking comment on a set of proposed rules designed to implement a wide range of consumer protections in the wake of the recent National Mortgage Settlement and the “robo-signing” foreclosure abuses it uncovered. While the proposed rules do not specifically address the improper notarization and document-signing practices that came to be known as “robo-signing,” the federal agency says the rules are a direct result of the foreclosure crisis and will affect how mortgage servicers do business. The proposed rules also represent the latest development in the ongoing effort to expand and solidify the reforms that emerged from the foreclosure crisis. Members of the public have until October 9 to comment on the rules. In general, the proposals would create new rules under the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA) that include extensive recordkeeping requirements as well as mandates to offer consumers alternatives to foreclosure. Michael Lewis is Managing Editor at the National Notary Association. Email Share Leave a Comment Required * Name * Email *(for verfication purposes only) Comment * Enter the text shown in this image *(text is case sensitive)All comments are reviewed and if approved, will display.