Question

Which is an example of a change enacted by Consumer Finance Protection Bureau (CFPB) that would help a client prepare for the mortgage loan process?

A- Protection of military personnel and their dependents in issues related to housing of contact for loss mitigation efforts
B- Penalization of five financial institutions for deceptive lending and foreclosure practices
C- Requirement for servicers to appoint a single point of contact for loss mitigation efforts
D- Easier-to-use mortgage disclosure forms that clearly outline the terms of a mortgage to the borrower

Answer 1

The Consumer Finance Protection Bureau (CFPB) enacted a change to require servicers to appoint a single point of contact for loss mitigation efforts, which helps clients prepare for the mortgage loan process more efficiently.

Step-by-step explanation:

An example of a change enacted by the Consumer Finance Protection Bureau (CFPB) that would help a client prepare for the mortgage loan process is the requirement for servicers to appoint a single point of contact for loss mitigation efforts. This change ensures that the client has a dedicated representative who can guide them through the process and address their concerns.

By having a single point of contact, the client can avoid confusion and receive consistent information and assistance. This change improves the client's experience and helps them navigate the mortgage loan process more efficiently. Overall, the requirement for servicers to appoint a single point of contact is a valuable change enacted by the CFPB to assist clients in preparing for the mortgage loan process.