The Treasury Department plans to release a rule at the end of April requiring servicers to establish a single point of contact for borrowers applying for assistance through the Home Affordable Modification Program.
A Treasury spokesperson said the rule will apply to mortgages not held by the government-sponsored enterprises Fannie Mae and Freddie Mac. Regulators and the state attorneys general are in negotiations on a settlement with the major servicers after an investigation into their foreclosure practices. Part of the deal could reportedly be a required single point of contact for borrowers working through the loss-mitigation process.
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