CFPB considers new rules for fair force placed insurance

Forced placed insurance gets the squeeze. The Consumer Financial Protection Bureau (CFPB), the country’s consumer watchdog agency, has put forward newly proposed rules for mortgage servicers which would require them to provide borrowers with better disclosure of fees, force placed insurance, and interest rates. According to the director of this newly formed organization, Richard Cordray, “The mortgage servicing rules we are considering reflect two basic, common-sense principles – no surprises and no runarounds.” The CFPB provided the proposal details, in a statement which included information about a measure that would…

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