Freddie Mac issued Guide Bulletin 2016-18 establishing a new form to facilitate the processing of a Principal Reduction Modification. The new form is Form 1205-PR: Post Settlement Correction Request for the Principal Reduction Modification. Servicers must use Form 1205-PR for borrowers who opt out of the principal reduction post-settlement option. Servicers must also use Form 1205-PR when a borrower completes an active trial period plan under a mortgage modification program, other than a Principal Reduction Modification, if the servicer requests that forborne principal be forgiven postsettlement. The new Form is effective October 1, 2016; however, servicer may implement the new form sooner if able to do so.
CFPB
CFPB Amends Fair Credit Reporting Act with respect to Medical Information
The CFPB adopted rules amending the Fair Credit Reporting Act (FCRA) with respect to medical information. Per the rule adoption, the CFPB removed an exception
January 16, 2025
