Comments on: For Borrowers in Trouble: “Early Intervention” Help http://archive.regulationroom.org/mortgage-protection/issue-posts/early-intervention/?utm_source=rss&utm_medium=rss&utm_campaign=early-intervention The mortgage crisis showed that some residential mortgage lenders weren’t doing a good job of keeping careful records and communicating with borrowers. Some of this affected all borrowers, but the worst effect was that some people who could have worked out their problems with the right help, lost their homes. Congress has told the Consumer Financial Protection Bureau (CFPB) to adopt new federal regulations to avoid this in the future. On this site, you can read about the new proposals, react to them, and discuss them with others. What you say here will make a difference: CFPB is required to consider public comment before making a final decision, and it will get a detailed summary of what Regulation Room commenters have to say. Thu, 04 Oct 2012 20:00:12 -0400 hourly 1 http://wordpress.org/?v=3.5.1 By: loanswithjorge http://archive.regulationroom.org/mortgage-protection/issue-posts/early-intervention/#comment-359 loanswithjorge Wed, 26 Sep 2012 20:20:11 +0000 http://archive.regulationroom.org/mortgage-protection/?p=44#comment-359 LOL…again, your kidding…since VOIP systems were implemented, calling across the globe costs nothing!

Why are we loosing CONTACT with each other? This is like walking into an emergency room, your practically dying (or believe you are at least) and your greeted by some computer saying…

1. PLEASE ENTER YOUR ILLNESS…
2. PLEASE ENTER YOUR COVERAGE TYPE…
3. HOW WOULD YOU RATE YOUR CURRENT STATE…

Come on, lets rebuild communication…talking to each other.

Okay, argument…”when I call, they never pick up”.

Well, in addition to VOIP (which we all know VOIP; Vonage, Magic Jack, etc.)there are auto dialers (same one collection companies use, even our government uses it for elections).

I am positive everyone has received at… more »

…least 1 automated call in the past.

Add the number to the system and it will call everyday, 10 times a day if you want…until you make a connection.

To the point…phone calls cost as much as sending an email and if your the mortgagee, you surely have the invested interest in creating a dialog with a distressed client.

Anytime a client had a problem, they always had NUMEROUS methods of speaking to me and when I see issues with thier accounts, forget email, letter, whatever…I WANT TO RESOLVE THIS NOW, AND AS A BUSINESS, I SIMPLY CALLED!

8 out of 10, I was able to find the underlying issue the client is having; was able to express my motivation to help them resolve the issue; was able to rebuild the confidence and relationship with that client. « less

]]> By: Moderator http://archive.regulationroom.org/mortgage-protection/issue-posts/early-intervention/#comment-326 Moderator Tue, 18 Sep 2012 19:25:13 +0000 http://archive.regulationroom.org/mortgage-protection/?p=44#comment-326 we3reeds, it sounds like you’ve had a terrible time. Regulation Room can’t help negotiate with your servicer, but we suggest you contact either CFPB’s complaint center or a HUD approved housing counselor to see if they can help.

]]> By: we3reeds http://archive.regulationroom.org/mortgage-protection/issue-posts/early-intervention/#comment-322 we3reeds Tue, 18 Sep 2012 04:49:40 +0000 http://archive.regulationroom.org/mortgage-protection/?p=44#comment-322 What do you do when all you wanted was a loan modification and Chase would not discuss/negoiate with us until we where behind in our payments, and the attorney we hired to help us told us we had to stop making payment before they could do anything (got it in writing) And i still cant find a decent interest rate. 6.75% for 20 years just because i have 1 year left. My credit is perfect besides that Someone help me!

]]> By: Moderator http://archive.regulationroom.org/mortgage-protection/issue-posts/early-intervention/#comment-303 Moderator Tue, 11 Sep 2012 21:35:59 +0000 http://archive.regulationroom.org/mortgage-protection/?p=44#comment-303 Hi zenguy1965. Welcome to Regulation Room and thank you for your comment. Please see Section 2 below (Following up with a written notice). CFPB proposes that within 40 days of when the payment was due, the servicer must send a written notice containing a lot more information.

]]> By: zenguy1965 http://archive.regulationroom.org/mortgage-protection/issue-posts/early-intervention/#comment-302 zenguy1965 Tue, 11 Sep 2012 17:09:36 +0000 http://archive.regulationroom.org/mortgage-protection/?p=44#comment-302 I think they should be required to send a letter in addition to an email. Phone calls are great but in my experience, the caller does not document accounts thoroughly if at all. All correspondence regarding past due mortgages should be in writing via email or letter. It should be dated and time stamped and posted to view by both parties on the customer’s account. Everything would be there in black and white.

]]> By: wpacello http://archive.regulationroom.org/mortgage-protection/issue-posts/early-intervention/#comment-300 wpacello Mon, 10 Sep 2012 23:32:44 +0000 http://archive.regulationroom.org/mortgage-protection/?p=44#comment-300 My comment about email is a more a general one, that it should be a required form of communication due to the prolific use of email at this time. Not sure of the cost but I imagine that most correspondence is boiler plate. Sending an email is less expensive than postal mail. I think our laws lag in this area due to the alleged strain it would put on customer service departments. In my opinion most organizations have divested in this area and consumers experience huge gaps in this area. One of the pitfalls for us with “too big to fail” organizations.

]]> By: Moderator http://archive.regulationroom.org/mortgage-protection/issue-posts/early-intervention/#comment-295 Moderator Sat, 08 Sep 2012 19:21:00 +0000 http://archive.regulationroom.org/mortgage-protection/?p=44#comment-295 Hi wpacello and welcome to Regulation Room. Under the proposed regulations, servers wouldn’t need to make borrowers aware of loss mitigation options via email. Do you think servicers should be required to send an email notice in lieu of, or in addition to an written notice? Can any commenters provide insight into what email notifications would cost servicers?

]]> By: Moderator http://archive.regulationroom.org/mortgage-protection/issue-posts/early-intervention/#comment-291 Moderator Fri, 07 Sep 2012 21:35:56 +0000 http://archive.regulationroom.org/mortgage-protection/?p=44#comment-291 Hi, rharris3011. Welcome to Regulation Room. CFPB is concerned with how the proposed rules will affect small servicers. Are there specific aspects of the proposed rule that concern you more than others?

]]> By: wpacello http://archive.regulationroom.org/mortgage-protection/issue-posts/early-intervention/#comment-285 wpacello Fri, 07 Sep 2012 12:19:18 +0000 http://archive.regulationroom.org/mortgage-protection/?p=44#comment-285 Although some of these regulations are burdensome, email notification and communication is paramount in this age. My servicer does not allow me to communicate via email which makes record keeping difficult for me – unilateral for them since the conversations are recorded.

]]> By: rharris3011 http://archive.regulationroom.org/mortgage-protection/issue-posts/early-intervention/#comment-284 rharris3011 Fri, 07 Sep 2012 03:15:33 +0000 http://archive.regulationroom.org/mortgage-protection/?p=44#comment-284 These rules will be tough on a small lending firm. The consumer needs to take responsibility for his actions. There are just too many regulations.

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