Now is the chance to have your voice be heard. The Federal Trade Commission (FTC), has announced it is seeking public comment relating to the fairness of loan modification and foreclosure rescue practices.
Public comment will allow the FTC to assess whether rules would be useful in protecting consumers of these services, and the commission is interested in receiving comment on the costs and benefits of prohibiting or restricting the payment of advance fees for loan modification and foreclosure rescue services.
The Mortgage Assistance Relief Services Advance Notice of Proposed Rulemaking has a 45-day public-comment period ending Wednesday, July 15.
In addition, the FTC is seeking comment on a second rule making, the Mortgage Acts and Practices rule making, which addresses activities that occur throughout the life cycle of a mortgage loan: advertising and marketing; origination, including underwriting, loan terms and disclosures; appraisals; and servicing.
The FTC is interested in receiving comments about mortgage servicing, the commission says. The Mortgage Acts and Practices Advance Notice of Proposed Rulemaking has a 60-day public-comment period ending Thursday, July 30.