The CFPB has issued a proposed rule that amends and clarifies certain questions that have arisen during the implementation process. This proposed rule facilitates the ability of servicers to offer short-term forbearance plans, addresses the process for correcting errors or mistakes that may occur when servicers perform initial completeness evaluations of loss mitigation applications, but later discover the application was incomplete, clarifies the definition of a loan originator, facilitates lending by small creditors, including those in rural or underserved areas and clarifies the application of the prohibition on creditors financing credit insurance premiums. These amendments and clarifications come in light of the upcoming implementations of the Dodd-Frank Act.
