United States Government Publishing Office publisher pbl distributor dst United States National Archives and Records Administration Office of the Federal Register author aut Government Organization text government publication eng FR Regulatory Information 2012_register executive 2012-09-15 article Part II Proposed Rules D09002ee1c7fc721c D09002ee1c7fc7331 United States Bureau of Consumer Financial Protection originator org United States Government Agency or Subagency The Bureau of Consumer Financial Protection (the Bureau) is proposing to amend Regulation X, which implements the Real Estate Settlement Procedures Act of 1974 (RESPA) and the official interpretation of the regulation. The proposed amendments implement the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) provisions regarding mortgage loan servicing. Specifically, this proposal requests comment regarding proposed additions to Regulation X to address seven servicer obligations: To correct errors asserted by mortgage loan borrowers; to provide information requested by mortgage loan borrowers; to ensure that a reasonable basis exists to obtain force-placed insurance; to establish reasonable information management policies and procedures; to provide information about mortgage loss mitigation options to delinquent borrowers; to provide delinquent borrowers access to servicer personnel with continuity of contact about the borrower's mortgage loan account; and to evaluate borrowers' applications for available loss mitigation options. This proposal would also modify and streamline certain existing servicing-related provisions of Regulation X. For instance, the proposal would revise provisions relating to a mortgage servicer's obligation to provide disclosures to borrowers in connection with a transfer of mortgage servicing, and a mortgage servicer's obligation to manage escrow accounts, including the obligation to advance funds to an escrow account to maintain insurance coverage and to return amounts in an escrow account to a borrower upon payment in full of a mortgage loan. Published elsewhere in today's Federal Register, the Bureau proposes companion regulations implementing amendments to the Truth In Lending Act (TILA) in Regulation Z (the 2012 TILA Servicing Proposal). 77 FR 57200 https://www.govinfo.gov/app/details/FR-2012-09-17/2012-19974 2012-19974 fr17se12-35 RIN 3170-AA14 4810-AM-P Docket No. CFPB-2012-0034 https://www.govinfo.gov/app/details/FR-2012-09-17/2012-19974 https://www.govinfo.gov/content/pkg/FR-2012-09-17/html/2012-19974.htm https://www.govinfo.gov/content/pkg/FR-2012-09-17/pdf/2012-19974.pdf Condominiums Consumer Protection Housing Insurance Mortgage Servicing Mortgagees Mortgages Reporting and Recordkeeping Requirements 116 p. 57200 57315 77 FR 57200 Title 12 Part 1024 12 CFR Part 1024 RIN 3170-AA14 2012 Real Estate Settlement Procedures Act (Regulation X) Mortgage Servicing Proposal; Federal Register Vol. 77, Issue PRORULE 2012-19974 II BUREAU OF CONSUMER FINANCIAL PROTECTION 2012-10-09 2012-11-16 Docket No. CFPB-2012-0034 4810-AM-P 2012-19974 Proposed rule with request for public comment.

The Bureau of Consumer Financial Protection (the Bureau) is proposing to amend Regulation X, which implements the Real Estate Settlement Procedures Act of 1974 (RESPA) and the official interpretation of the regulation. The proposed amendments implement the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) provisions regarding mortgage loan servicing. Specifically, this proposal requests comment regarding proposed additions to Regulation X to address seven servicer obligations: To correct errors asserted by mortgage loan borrowers; to provide information requested by mortgage loan borrowers; to ensure that a reasonable basis exists to obtain force-placed insurance; to establish reasonable information management policies and procedures; to provide information about mortgage loss mitigation options to delinquent borrowers; to provide delinquent borrowers access to servicer personnel with continuity of contact about the borrower's mortgage loan account; and to evaluate borrowers' applications for available loss mitigation options. This proposal would also modify and streamline certain existing servicing-related provisions of Regulation X. For instance, the proposal would revise provisions relating to a mortgage servicer's obligation to provide disclosures to borrowers in connection with a transfer of mortgage servicing, and a mortgage servicer's obligation to manage escrow accounts, including the obligation to advance funds to an escrow account to maintain insurance coverage and to return amounts in an escrow account to a borrower upon payment in full of a mortgage loan. Published elsewhere in today's Federal Register, the Bureau proposes companion regulations implementing amendments to the Truth In Lending Act (TILA) in Regulation Z (the 2012 TILA Servicing Proposal).

Comments must be received on or before October 9, 2012, except that comments on the Paperwork Reduction Act analysis in part IX of this Federal Register notice must be received on or before November 16, 2012. Regulation X (RESPA): Jane Gao, Mitchell E. Hochberg, and Michael Scherzer, Counsels at (202) 435-7700; Office of Regulations, Division of Research, Markets, and Regulations, Bureau of Consumer Financial Protection; 1700 G Street NW., Washington, DC 20552. 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Table of Contents: AE 2.7: GS 4.107: AE 2.106: KF70.A2 https://www.govinfo.gov/app/details/FR-2012-09-17 P0b002ee18352be0d 0097-6326 0042-1219 0364-1406 769-004-00000-9 000582072 f:fr17se12 https://www.govinfo.gov/app/details/FR-2012-09-17 https://www.govinfo.gov/content/pkg/FR-2012-09-17/pdf/FR-2012-09-17.pdf https://www.govinfo.gov/content/pkg/FR-2012-09-17/xml/FR-2012-09-17.xml fdlp 56985 57479 DGPO 2012-09-15 2024-06-03 FR-2012-09-17 machine generated eng FR FR-2012-09-17 77 180