This spring, the Consumer Financial Protection Bureau released a summary of a proposal that "would put the 'service' back in mortgage servicing." The proposed reforms’ goal is to eliminate two of homeowners' main gripes: costly errors, and the runaround many experience when trying to avert foreclosure.

Some consumer advocates believe the reforms are inadequate to eradicate abusive practices, calling the proposals “disappointing.” Richard J. Andreano, Jr., head of Ballard Spahr’s Mortgage Banking Group, said that more extensive rules are expected next year, especially in the mortgage modification arena.