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CFPB RIN: 3170-AB07 Publication ID: Fall 2021 
Title: Mortgage Servicing COVID-19 Relief (Regulation X)  

In January 2013, the CFPB issued final mortgage servicing rules implementing numerous provisions of the Real Estate Settlement Procedures Act (RESPA) 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, rules.  On April 9, 2021, the CFPB proposed amendments to the mortgage servicing early intervention and loss mitigation-related provisions in Regulation X, which implements RESPA.  The proposed rule aimed to ensure that mortgage borrowers are evaluated for loss mitigation before servicers initiate the foreclosure process and to avert, to the extent possible, a foreclosure crisis when the COVID-19 forbearances end.  The Bureau issued a final rule in June 2021, to amend Regulation X to assist mortgage borrowers affected by the COVID-19 emergency.  The final rule establishes temporarily procedural safeguards to help ensure that borrowers have a meaningful opportunity to be reviewed for loss mitigation before the servicer can make the first notice or filing required for foreclosure on certain mortgages.  In addition, the final rule temporarily permits mortgage servicers to offer certain loan modifications made available to borrowers experiencing a COVID-19-related hardship based on the evaluation of an incomplete application.  The Bureau also finalized certain temporary amendments to the early intervention and reasonable diligence obligations that Regulation X imposes on mortgage servicers.

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 1024   
Legal Authority: 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. 5512    12 U.S.C. 5532    12 U.S.C. 5581   
Legal Deadline:  None
Action Date FR Cite
NPRM  04/09/2021  86 FR 18840   
NPRM Comment Period End  05/10/2021 
Final Rule  06/30/2021  86 FR 34848   
Final Rule Effective  08/31/2021 
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: Businesses  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Terry J. Randall
Office of Regulations
Consumer Financial Protection Bureau
Washington, DC 20552
Phone:202 435-7700