View Rule

View EO 12866 Meetings Printer-Friendly Version     Download RIN Data in XML

CFPB RIN: 3170-AA37 Publication ID: Spring 2013 
Title: ●Amendments to 2013 Mortgage Rules (Regulations B, X, and Z) 
Abstract: In April 2013, the CFPB issued two proposed rules providing clarifying and technical amendments to final mortgage related rules issued by the CFPB in January 2013. The first proposed rule would amend the CFPB's final rule relating to escrow accounts (under the Truth in Lending Act (Regulation Z)) issued on January 10, 2013, which final rule, among other things, lengthens the time for which a mandatory escrow account established for a higher-priced mortgage loan (HPML) must be maintained. The final rule also established an exemption from the escrow requirement for certain creditors that operate predominantly in "rural" or "underserved" areas. The amendments in the proposal would clarify the determination method for the "rural" and "underserved" designations and keep in place certain existing protections for HPMLs until other similar provisions take effect in January 2014. The CFPB issued a final rule on May 16, 2013. The second proposed rule amended the CFPB's final mortgage rules on mortgage servicing (under Regulation X (Real Estate Settlement Procedures Act), and Regulation Z) issued on January 17, 2013, and on ability to repay and qualified mortgage standards (under Regulation Z) issued on January 10, 2013. These proposed amendments clarify or correct provisions on: (1) The relation to State law of Regulation X's servicing provisions; (2) the small servicer exemption from certain servicing rules; (3) the use of government sponsored enterprise and Federal agency purchase, guarantee or insurance eligibility for determining qualified mortgage status; and (4) the determination of debt and income for purposes of originating qualified mortgages. On May 8, 2013, the CFPB also issued a proposed rule temporarily delay the June 1, 2013, effective date of a prohibition on creditors financing credit insurance premiums in connection with certain consumer credit transactions secured by a dwelling. The prohibition was adopted in the CFPB's final mortgage rule on loan originator compensation requirements (under Regulation Z) issued by the CFPB in January 2013. The CFPB issued a final rule on May 29, 2013. The CFPB is working to finalize the second of the April proposals. The CFPB is also working on proposing further amendments and clarifications to the January 2013 mortgage rules. These issuances may include, in addition to any further proposed clarifications to the mortgage servicing and the ability-to-repay and qualified mortgage standards final rules, amendments to final rules issued in January 2013 amending Regulations B, X, and Z. 
Agency: Consumer Financial Protection Bureau(CFPB)  Priority: Substantive, Nonsignificant 
RIN Status: First time published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: Undetermined  Unfunded Mandates: No 
CFR Citation: 12 CFR 1026    12 CFR 1024   
Legal Authority: 12 USC 2601    12 USC 2603 to 2605    12 USC 2607    12 USC 2609    12 USC 2617    12 USC 5511    12 USC 5512    12 USC 5532    12 USC 5581    15 USC 1601 et seq   
Legal Deadline:  None
Action Date FR Cite
NPRM (Escrow Rule Amendments)  04/18/2013  78 FR 23171   
NPRM Comment Period End (Escrow)  05/03/2013 
Final Rule (Escrow)  05/23/2013  78 FR 30739   
NPRM (Servicing and ATR/QM Rule Amendments)  05/02/2013  78 FR 25638   
NPRM Comment Period End (Servicing and ATR/QM)  06/03/2013 
NPRM (Loan Originator Delay - Credit Insurance)  05/10/2013  78 FR 27308   
NPRM Comment Period End (Loan Originator - Credit Insurance)  05/25/2013 
Final Rule (Loan Originator - Credit Insurance)  05/31/2013  78 FR 32547   
NPRM (June Amendments to Regulations B, X, and Z)  07/00/2013 
Final Rule (Servicing and ATR/QM)  07/00/2013 
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Related RINs: Related to 3170-AA16, Related to 3170-AA17, Related to 3170-AA14, Related to 3170-AA13 
Agency Contact:
Paul Mondor
Office of Regulations
Consumer Financial Protection Bureau
Phone:202 435-7700