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2013-02-14
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Mortgage Servicing Rules Under the Real Estate Settlement Procedures Act (Regulation X)
Part II
Rules and Regulations
D09002ee1bdca9ae4
D09002ee1bdca9bcb
United States
Bureau of Consumer Financial Protection
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org
United States Government Agency or Subagency
The Bureau of Consumer Financial Protection is amending Regulation X, which implements the Real Estate Settlement Procedures Act of 1974, and implementing a commentary that sets forth an official interpretation to the regulation. The final rule implements provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act regarding mortgage loan servicing. Specifically, this final rule implements Dodd-Frank Act sections addressing servicers' obligations to correct errors asserted by mortgage loan borrowers; to provide certain information requested by such borrowers; and to provide protections to such borrowers in connection with force-placed insurance. Additionally, this final rule addresses servicers' obligations to establish reasonable policies and procedures to achieve certain delineated objectives; to provide information about mortgage loss mitigation options to delinquent borrowers; to establish policies and procedures for providing delinquent borrowers with continuity of contact with servicer personnel capable of performing certain functions; and to evaluate borrowers' applications for available loss mitigation options. Further, this final rule modifies and streamlines certain existing servicing-related provisions of Regulation X. For instance, this final rule revises provisions relating to mortgage servicers' obligation to provide disclosures to borrowers in connection with transfers of mortgage servicing, and mortgage servicers' obligation to manage escrow accounts, including restrictions on purchasing force-placed insurance for certain borrowers with escrow accounts and requirements to return amounts in an escrow account to a borrower upon payment in full of a mortgage loan. Concurrently with the issuance of this final rule, the Bureau is issuing a rule implementing amendments relating to mortgage servicing to the Truth in Lending Act in Regulation Z.
78 FR 10696
https://www.govinfo.gov/app/details/FR-2013-02-14/2013-01248
2013-01248
fr14fe13-15
RIN 3170-AA14
4810-AM-P
Docket No. CFPB-2012-0034
https://www.govinfo.gov/app/details/FR-2013-02-14/2013-01248
https://www.govinfo.gov/content/pkg/FR-2013-02-14/html/2013-01248.htm
https://www.govinfo.gov/content/pkg/FR-2013-02-14/pdf/2013-01248.pdf
Condominiums
Consumer Protection
Housing
Insurance
Mortgage Servicing
Mortgagees
Mortgages
Reporting and Recordkeeping Requirements
204 p.
10696
10899
78 FR 10696
Code of Federal Regulations
Title 12 Part 1024
12 CFR Part 1024
Regulation Identification Number 3170-AA14
RIN 3170-AA14
Mortgage Servicing Rules Under the Real Estate Settlement Procedures Act (Regulation X); Federal Register Vol. 78, Issue
RULE
2013-01248
II
BUREAU OF CONSUMER FINANCIAL PROTECTION
2014-01-10
Docket No. CFPB-2012-0034
4810-AM-P
2013-01248
Final rule; official interpretations.
The Bureau of Consumer Financial Protection is amending Regulation X, which implements the Real Estate Settlement Procedures Act of 1974, and implementing a commentary that sets forth an official interpretation to the regulation. The final rule implements provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act regarding mortgage loan servicing. Specifically, this final rule implements Dodd-Frank Act sections addressing servicers' obligations to correct errors asserted by mortgage loan borrowers; to provide certain information requested by such borrowers; and to provide protections to such borrowers in connection with force-placed insurance. Additionally, this final rule addresses servicers' obligations to establish reasonable policies and procedures to achieve certain delineated objectives; to provide information about mortgage loss mitigation options to delinquent borrowers; to establish policies and procedures for providing delinquent borrowers with continuity of contact with servicer personnel capable of performing certain functions; and to evaluate borrowers' applications for available loss mitigation options. Further, this final rule modifies and streamlines certain existing servicing-related provisions of Regulation X. For instance, this final rule revises provisions relating to mortgage servicers' obligation to provide disclosures to borrowers in connection with transfers of mortgage servicing, and mortgage servicers' obligation to manage escrow accounts, including restrictions on purchasing force-placed insurance for certain borrowers with escrow accounts and requirements to return amounts in an escrow account to a borrower upon payment in full of a mortgage loan. Concurrently with the issuance of this final rule, the Bureau is issuing a rule implementing amendments relating to mortgage servicing to the Truth in Lending Act in Regulation Z.
This final rule is effective on January 10, 2014.
Regulation X (RESPA): Whitney Patross, Attorney; Jane Gao, Terry Randall or Michael Scherzer, Counsels; Lisa Cole or Mitchell E. Hochberg, Senior Counsels, Office of Regulations, at (202) 435-7700.
Condominiums
Consumer Protection
Housing
Insurance
Mortgage Servicing
Mortgagees
Mortgages
Reporting and Recordkeeping Requirements
Mortgage Servicing Rules under Real Estate Settlement Procedures Act (Regulation X)
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