CFPB outlines how to deal with borrowers' unexpected events

10/16/2013 | Housing Wire

The Consumer Financial Protection Bureau issued guidance Tuesday for how financial companies should handle distressed borrowers' unexpected life events, particularly the death of the borrower -- a circumstance lenders had requested a ruling on. The CFPB also suggested when and how often to reach out to borrowers, saying servicers should try to make contact each time a payment is missed.

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