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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
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