The National Mortgage Settlement and Your Rights Today

The 2012 National Mortgage Settlement between 49 state attorneys general, the federal government, and the five largest mortgage servicers established a set of servicing standards that transformed mortgage servicing practices. While the settlement itself is now historical, many of its standards were subsequently codified into CFPB regulations that govern all mortgage servicers today. Understanding these standards gives you a checklist of rights you can assert.

Key servicing standards that apply today: the prohibition on dual tracking (foreclosing while a complete loss mitigation application is pending), the single point of contact requirement (you're entitled to one person or team at the servicer who knows your case), accurate account information and payment processing (payments must be credited as received), timely loss mitigation evaluation with clear denial notices explaining the specific reasons, and the right to appeal a denial. These are your rights — not favors the servicer grants. When servicers violate them, those violations are grounds for claims and defenses.