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CFPB RIN: 3170-AA14 Publication ID: Spring 2013 
Title: Mortgage Servicing Rules Under the Real Estate Settlement Procedures Act (Regulation X); Mortgage Servicing Rules Under the Truth in Lending Act (Regulation Z)  
Abstract: The CFPB published a proposed rule to amend Regulation Z, which implements the Truth in Lending Act (TILA), and the official interpretation of the regulation. The proposed amendments addressed the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) provisions regarding mortgage loan servicing. Specifically, the proposed amendments address Dodd Frank Act sections relating to initial rate adjustment notices for adjustable- rate mortgages (ARMs), periodic statements for residential mortgage loans, and prompt crediting of mortgage payments and response to requests for payoff amounts. The proposed revisions also addressed current rules governing the scope, timing, content, and format of current disclosures to consumers occasioned by interest rate adjustments of their variable-rate transactions. The CFPB also published a proposed rule to amend Regulation X, which implements the Real Estate Settlement Procedures Act of 1974 (RESPA) and add a supplement setting forth an official interpretation of the regulation. The proposed amendments addressed the Dodd-Frank Act provisions regarding mortgage loan servicing. Specifically, the proposed amendments addressed six servicer obligations: (1) to correct errors asserted, and provide information requested, by mortgage loan borrowers; (2) to provide protections to mortgage loan borrowers in connection with force-placed insurance; (3) to establish general servicing policies, procedures and requirements; (4) to provide information about mortgage loss mitigation options and foreclosure to delinquent borrowers; (5) to establish policies and procedures reasonably designed to provide delinquent borrowers with continuity of contact with servicer personnel capable of performing certain functions; and (6) to evaluate borrowers' applications for available loss mitigation options. The proposed amendments also addressed modifying and streamlining certain existing general and servicing-related provisions of Regulation X. The CFPB issued final rules amending Regulation Z and Regulation X on January 17, 2013 (published in the Federal Register on February 14, 2013). 
Agency: Consumer Financial Protection Bureau(CFPB)  Priority: Other Significant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Completed Actions 
Major: Yes  Unfunded Mandates: No 
EO 13771 Designation: uncollected 
CFR Citation: 12 CFR 1026    12 CFR 1024   
Legal Authority: 12 USC 2601 et seq    12 USC 5512    12 USC 5581    12 USC 5582    12 USC 1602    12 USC 1638    15 USC 1638a    15 USC 1639f    15 USC 1639g   
Legal Deadline:
Action Source Description Date
Final  Statutory    01/21/2013 
Timetable:
Action Date FR Cite
NPRM (Regulation X)  09/17/2012  77 FR 57200   
NPRM (Regulation Z)  09/17/2012  77 FR 57318   
NPRM Comment Period End  10/09/2012 
Final Rule (Regulation X)  02/14/2013  78 FR 10696   
Final Rule (Regulation Z)  02/14/2013  78 FR 10902   
Regulatory Flexibility Analysis Required: Yes  Government Levels Affected: None 
Small Entities Affected: Businesses  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: Yes 
Agency Contact:
Paul Mondor
Office of Regulations
Consumer Financial Protection Bureau
Phone:202 435-7700