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Jeffrey P. Naimon quoted in S&P Global Market Intelligence article, “Lenders see new CFPB foreclosure rule as win-win”

S&P Global Market Intelligence

Jeffrey P. Naimon

Jeffrey P. Naimon was quoted in the S&P Global Market Intelligence article, “Lenders see new CFPB foreclosure rule as win-win,” which discussed how lenders are praising the new CFPB guidance giving millions of homeowners added protections against foreclosure. Naimon noted some challenges: “I'm concerned about the difficulties that servicers will encounter in trying to implement new rules, including changing and testing systems, hiring and training additional employees to do high-level, difficult work and monitoring these changes in the middle of one of the busiest times in mortgage servicing.” He also added that the effectiveness of the rule is contingent on the homeowners. “How successful this new rule will be, as a policy matter, is going to be closely associated with how consumers behave in connection with the mortgage service outreach to them and whether the customers require foreclosure notices to persuade them to interact with the service provider.”