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FTC RIN: 3084-AB18 Publication ID: Fall 2010 
Title: Rulemaking Proceeding With Respect to Mortgage Loans 
Abstract: Section 626 of the Omnibus Appropriations Act of 2009 directed the Federal Trade Commission to initiate a rulemaking proceeding with respect to mortgage loans within 90 days after the date of enactment of that Act. The Act also mandated that the rulemaking be in accordance with section 553 of title 5, United States Code, and that any violation of a rule prescribed under this subsection shall be treated as a violation of a rule under section 18 of the Federal Trade Commission Act (15 U.S.C. 57a) regarding unfair or deceptive acts or practices. To implement the Act, the Commission has commenced a rulemaking proceeding in two parts. On June 1, 2009, the Commission issued an ANPRM, the Mortgage Acts and Practices Rulemaking (MAP), that would address activities that occur throughout the life cycle of a mortgage loan; i.e., practices with regard to mortgage loan advertising and marketing, origination, appraisals, and servicing (74 FR 26118). Another ANPRM, the Mortgage Assistance Relief Services Rulemaking (MARS), addresses the practices of entities (other than mortgage servicers) who offer assistance to consumers in dealing with owners or servicers of their loans to modify them or avoid foreclosure (74 FR 26130). The Commission sought public comment with regard to the unfair and deceptive acts and practices that should be prohibited or restricted pursuant to any rules adopted in this proceeding. The comment period for the Mortgage Acts and Practices Rulemaking closed on July 30, 2009. The comment period for the Mortgage Assistance Relief Services Rulemaking closed on July 15, 2009. On February 4, 2010, the Commission announced an NPRM for MARS. The proposed MARS rule published for comment, among other things, would prohibit providers of these services from making false or misleading claims, mandate that providers disclose certain information about these services, bar the collection of advance fees for these services, prohibit persons from providing substantial assistance or support to an entity they know or consciously avoid knowing is engaged in a violation of these rules, and impose recordkeeping and compliance requirements. The comment period closed on March 29, 2010. The Commission announced a MARS final rule on 11/19/2010. All provisions of the rule except the advance-fee ban will become effective December 29, 2010. The advance-fee ban provisions will become effective January 31, 2011. The Commission is instituting two separate rulemakings covering Mortgage Acts and Practices. The Commission announced an NPRM for MAP-Advertising on September 30, 2010 (75 FR 60352). The comment period ended on November 15, 2010 and plans to issue an NPRM for MAP-Servicing in early 2011. Under the Dodd-Frank Wall Street Reform and Consumer Financial Protection Act, Public Law 111-203, the Commission's rulemaking authority will be transferred to the new Consumer Financial Protection Bureau with the Federal Reserve on July 21, 2011, the transfer date established by the Department of the Treasury. 
Agency: Federal Trade Commission(FTC)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: Undetermined  Unfunded Mandates: Undetermined 
EO 13771 Designation: uncollected 
CFR Citation: To be codified at 16 CFR 321, 322     (To search for a specific CFR, visit the Code of Federal Regulations.)
Legal Authority: Omnibus Appropriations Act 2009, PL 111-8   
Legal Deadline:
Action Source Description Date
Other  Statutory  ANPRM  06/11/2009 

Overall Description of Deadline: The Omnibus Appropriations Act of 2009 directed the Federal Trade Commission to initiate a rulemaking proceeding within 90 days of enactment, which occurred on March 11, 2009.

Timetable:
Action Date FR Cite
ANPRM (Mortgage Acts And Practices)  06/01/2009  74 FR 26118   
ANPRM (Mortgage Assistance Relief Services)  06/01/2009  74 FR 26130   
ANPRM (Mortgage Assistance Relief Services) Comment Period End  07/15/2009    
ANPRM (Mortgage Acts and Practices) Comment Period End  07/30/2009    
NPRM (Mortgage Assistance Relief Services)  03/09/2010  75 FR 10707   
NPRM (Mortgage Assistance Relief Services) Comment Period End  03/29/2010    
NPRM (Mortgage Acts and Practices--Advertising)  09/30/2010  75 FR 60352   
NPRM (Mortgage Acts and Practices and Advertising) Comment Period End  11/15/2010    
Final Rule (Mortgage Assistance Relief Services)  12/00/2010    
Effective Date (Mortgage Assistance Relief Services)  01/00/2011    
NPRM (Mortgage Acts and Practices-Servicing)  01/00/2011    
Regulatory Flexibility Analysis Required: Undetermined  Government Levels Affected: Undetermined 
Small Entities Affected: Businesses  Federalism: Undetermined 
Included in the Regulatory Plan: No 
International Impacts: This regulatory action will be likely to have international trade and investment effects, or otherwise be of international interest.
RIN Data Printed in the FR: No 
Agency Contact:
Laura A. Johnson
Attorney, Division of Financial Practices, Bureau of Consumer Protection
Federal Trade Commission
600 Pennsylvania Avenue NW,
Washington, DC 20580
Phone:202 326-3035
Email: ljohnson3@ftc.gov

Evan Zullow
Attorney, Division of Financial Practices, Bureau of Consumer Protection
Federal Trade Commission
600 Pennsylvania Avenue NW,
Washington, DC 20580
Phone:202 326-2914
Email: ezullow@ftc.gov