On December 15, the CFPB published a proposed rule regarding Amendments to the 2013 Mortgage Rules under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z).
As we previously discussed, in October 2014 the CFPB issued a final rule amending the 2013 mortgage rules that took effect in January 2014.
The CFPB’s newest proposed amendments focus primarily on provisions regarding force-placed insurance notices, policies and procedures, early intervention, and loss mitigation requirements under Regulation X’s servicing provisions, as well as periodic statement requirements under Regulation Z’s servicing provisions. They also address proper compliance regarding certain servicing requirements when a consumer is in bankruptcy or sends a cease communication request under the FDCPA.
The proposed rule with request for comment is available here, and comments must be received by March 16, 2015. Comments can be submitted through the Federal eRulemaking Portal, by email, by mail, and by hand-delivery.
You can follow the Consumer Financial Services Law Monitor for updates on this and other news related to the CFPB and mortgage lenders and servicers.