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FTC RIN: 3084-AB18 Publication ID: Fall 2011 
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 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 Commission announced a MARS final rule on November 19, 2010. The final MARS rule prohibits providers of these services from making false or misleading claims, mandates that providers disclose certain information about these services, bars the collection of advance fees for these services, prohibits 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 imposes recordkeeping and compliance requirements. All provisions of the rule except the advance-fee ban became effective December 29, 2010. The advance-fee ban provisions became effective January 31, 2011. Additionally, on July 15, 2011, the FTC issued a stay of enforcement stating that the agency would forbear from enforcing the MARS Rule, with the exception of the prohibition on misrepresentations, against real estate professionals who assist consumers in negotiating or obtaining short sales. The Commission instituted 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. The Commission announced a final rule for MAP-Advertising on July 19, 2011. The final rule prohibits misrepresentations in commercial communications regarding any term of a mortgage credit product and imposes certain recordkeeping requirements. The rule became effective on August 19, 2011. The Commission ceased work on a pending NPRM for Map-Servicing on July 21, 2011. On that date, the Commission's rulemaking authority for all MAP rules under the Omnibus Appropriations Act of 2009 were transferred to the Consumer Financial Protection Bureau pursuant to the Doff-Frank Wall Street Reform Act of 2010. 
Agency: Federal Trade Commission(FTC)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Completed Actions 
Major: No  Unfunded Mandates: No 
EO 13771 Designation: uncollected 
CFR Citation: 16 CFR 321 and 322   
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)  12/01/2010  75 FR 75092   
Effective Date (Mortgage Assistance Relief Services)  01/31/2011    
Final Rule (Mortgage Acts and Practices-Advertising)  07/22/2011  76 FR 43826   
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: Businesses  Federalism: No 
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