National Mortgage Servicing Standards

National Mortgage Servicing Standards are guidelines established to ensure that mortgage servicers treat borrowers fairly and consistently throughout the life of a loan. These standards aim to enhance communication, ensure timely processing of payments, and provide clear procedures for handling issues like loan modifications or foreclosures. They help protect consumers by requiring transparency and accountability from mortgage servicers, making sure borrowers receive accurate information and support, especially during challenging financial situations. Overall, these standards promote responsible and ethical practices in the mortgage servicing industry.