Effective Date: January 10, 2014
The CFPB is amending Regulation X, which implements the Real Estate Settlement Procedures Act of 1974, and Regulation Z, which implements the Truth in Lending Act. These final rules implement provisions of the Dodd-Frank Act regarding mortgage loan servicing.
On September 13, 2013, the CFPB issued a final rule modifying provisions of Regulation X adopted by the 2013 Mortgage Servicing Final Rules, including those related to error resolution procedures and information requests (§§ 1024.35 and 1024.36), and loss mitigation (§ 1024.41).
On October 15, 2013, the CFPB issued an Interim Final Rule clarifying treatment of consumers who have filed bankruptcy or invoked protections under the Fair Debt Collection Practices Act (FDCPA). The additional guidance clarifies that certain loss mitigation communications are still required even after a delinquent borrower has invoked their right to cease communications under the FDCPA, but other early intervention contacts and ongoing interest rate adjustments are not required. When a borrower is in bankruptcy, servicers are also exempt from the requirement to provide periodic statements and certain early intervention contacts.
January 2013 CFPB Full Rule with Final Rules Amending Provisions in July 2013 and September 2013
CFPB Video Presentation for Mortgage Servicing Rules
Small Entity Compliance Guide for Mortgage Servicing Rules
CFPB Coverage Chart for Mortgage Servicing Rules
CFPB Guidance Bulletin for Mortgage Servicing Rules