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| 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 | |
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Legal Deadline:
None |
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Timetable:
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| 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 | |
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Agency Contact: Paul Mondor Office of Regulations Consumer Financial Protection Bureau Phone:202 435-7700 |
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