Overview

• The proposed rules build on pandemic-era protections for borrowers facing financial hardship.
• Servicers must provide tailored notices in English and Spanish, detailing available assistance and loan ownership.
• The changes aim to eliminate 'dual tracking,' where foreclosure proceedings begin while loan modifications are considered.
• Small servicers handling fewer than 5,000 loans are exempt from the new requirements.
• Public comments on the proposal will be accepted until September 9.