The CHLA urges a more defined timeline and limited number of appeals to ensure effective loss mitigation and recovery of foreclosure-related fees for servicers.
CHLA’s proposals aim to streamline the loss-mitigation process while protecting borrowers, emphasizing the need for a balance that benefits both parties.
The current proposal's unlimited appeals within a 90-day period could lead to extended negotiations with little incentive for resolution or foreclosure.
By narrowing the language translation requirements, CHLA seeks to align better with the actual needs of borrowers while maintaining effective communication.
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