New mortgage rules favor you, the home owner. We explain the rules, plus give you tips to ensure your lender treats you fairly.

House on top of stack of money

Tired of getting the run-around from your mortgage lender or servicer? Starting Jan. 10, 2014, you’ll get consumer protections aimed at taming the worst habits mortgage lenders picked up during the mortgage foreclosure crisis.

But realize that you need to follow specific procedures to make the protections work for you.

Companies have to offer you good customer service and set up procedures to ensure employees do their jobs correctly. 

The fact that federal legislators put this in the law tells you a lot about how frustrated consumers have gotten with mortgage lenders and servicers.

Servicers (the companies that collect your mortgage payments on behalf of the lender or investor who owns your loan) are now officially required to set up their operations so that employees can actually find information about your loan, respond to your questions, and help you if you have a problem paying your mortgage.

The servicer has to answer your questions and respond to your mortgage problems and questions pretty quickly. 

How fast?

  • Within 5 days, it has to admit it got your letter.
  • It has 30 to 45 business days to fix an error, send you the info you need, or explain why it can’t do either of those things.

Tip: You have to report errors and ask for information in writing. Calling doesn’t trigger the protections, nor does jotting a note on the payment coupon. You have to write a letter and send it to the right address for complaints. Check your lender’s or servicer’s website for directions about where to send correspondence and keep copies of your letters for your records.

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