Bradley Partner Jason Bushby Quoted in Inside Mortgage Finance

Inside Mortgage Finance

Media Mention
Bradley attorney Jason Bushby was quoted in Inside Mortgage Finance on the release of proposed amendments to the Consumer Finance Protection Bureau’s (CFPB) current mortgage serving rules. The bureau is proposing periodic statements designed specifically for loans in the bankruptcy process. Bushby explained that the CFPB is likely going to provide model forms for the new billing statements, which will require some technology upgrades.

“I think that the guidance with respect to bankruptcy billing statements will be relatively clear, but I do think it’s going to require a lot of servicers to make some systems changes to be able to populate the information that is going to be required to go into those statements,” Bushby said. “When the proposed rules were issued, I believe the CFPB was thinking it perhaps was going to give servicers a little bit longer to implement the billing statement provisions than the rest of the rules. I think that will still be the case because I think the CFPB appreciates that this billing statement requirement is going to require some pretty significant system changes.”

The complete article appeared in Inside Mortgage Finance on July 22, 2016.