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CFPB | RIN: 3170-AA49 | Publication ID: Fall 2016 |
Title: Amendments to the 2013 Mortgage Rules Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z) AND Safe Harbors From Liability FDCPA. | |
Abstract:
The Bureau amended certain mortgage servicing rules previously issued by the Bureau in 2013. The rule clarifies, revises, or amends provisions regarding force-placed insurance notices, policies and procedures, early intervention, and loss mitigation requirements under Regulation X; and prompt crediting and periodic statement requirements under Regulation Z. The final rule also addresses proper compliance regarding certain servicing requirements when a person is a potential or confirmed successor in interest, is a debtor in bankruptcy, or sends a cease communication request under the Fair Debt Collection Practices Act. The final rule also makes technical corrections to several provisions of Regulations X and Z. Simultaneously with the final rule, the CFPB issued an interpretive rule under the Fair Debt Collection Practices Act (FDCPA) to clarify the interaction of the FDCPA and specified mortgage servicing rules in Regulations X and Z. In January 2013, the CFPB issued final rules implementing numerous provisions of the Real Estate Settlement Procedures Act and the Truth in Lending Act, as amended by title XIV of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFPB has since made various corrections, clarifications, and other amendments to the January 2013 final rules. The mortgage servicing rules took effect in January 2014. The CFPB published a proposal in the Federal Register in December 2014 to amend various provisions of its mortgage servicing rules, in both Regulation X (which implements RESPA) and Regulation Z (which implements TILA). The Bureau proposed clarifications concerning the applicability of certain provisions when a borrower is in bankruptcy or has invoked cease communication rights under the FDCPA, additional enhancements to loss mitigation requirements, provisions to address the applicability of certain rules to successors in interest, and other amendments. The Bureau conducted consumer testing of certain disclosures as it prepared the final rule. The Bureau issued a final rule in August 2016. Most provisions of the final rule take effect 12 months after publication in the Federal Register. The provisions relating to bankruptcy periodic statements and successors in interest take effect 18 months after publication in the Federal Register. The Bureau will work to conduct outreach with industry to monitor and facilitate implementation of the final rule. |
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Agency: Consumer Financial Protection Bureau(CFPB) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Completed Actions |
Major: No | Unfunded Mandates: No |
CFR Citation: 12 CFR 1024 12 CFR 1026 | |
Legal Authority: 12 U.S.C. 2601 12 U.S.C. 2603 to 2605 12 U.S.C. 2607 12 U.S.C. 2609 12 U.S.C. 2617 12 U.S.C. 5511 and 5512 12 U.S.C. 5532 12 U.S.C. 5581 15 U.S.C. 1601 et seq. 15 U.S.C. 1692c 15 U.S.C. 1692k(e) |
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-AA37, Related to 3170-AA14, Related to 3170-AA43 | |
Agency Contact: Laura Johnson Office of Regulations Consumer Financial Protection Bureau Phone:202 435-7700 Will Corbett Office of Regulations Consumer Financial Protection Bureau Phone:202 435-7700 |