News release: “There’s no doubt that the mortgage servicing market can be confusing for the average consumer to understand and navigate. And it’s even more overwhelming for homeowners in financial distress. Being aware of what you owe and to whom you should make your payments, understanding changes to your interest rate, and knowing how to get help are important questions that deserve well-considered answers…Bureau is considering new proposed rules that would help homeowners better manage their mortgages with mortgage servicers. Mortgage servicers are companies responsible for collecting payments from borrowers on behalf of the actual loan owner. The servicer handles customer service, loan modifications, collections, and foreclosures. The servicing industry had problems before the financial crisis, and many servicers have failed to keep pace with the increasing number of mortgage delinquencies. Many borrowers have complained that they did not receive the information they needed to stay on track with their mortgage and avoid foreclosure. Other borrowers ran into trouble because they had difficulty getting answers from their servicers. With better information, some people might have been able to save their homes from foreclosure.”