CFPB Proposes Additional Revisions

On June 24, 2013, the CFPB announced another proposal to revise existing final rules with respect to ECOA Diane11(Regulation B), RESPA (Regulation X) and Truth in Lending (Regulation Z).  The proposal touches on a number of issues raised to the CFPB during the implementation process.  Here are items addressed within the proposal:

  • How a Servicer should proceed on a loss mitigation application when it is determined after the initial notification that more information is necessary;
  • How a Servicer may offer applicable short-term, temporary relief to delinquent borrowers;
  • How certain exemptions for small, rural creditors may be impacted during the Bureau’s review of how to define “rural” and “underserved”;
  • Clarifications on the financing of credit insurance premiums;
  • Definition of Loan Originator;
  • How compensation for manufactured housing employees factors into points and fees; and,
  • New effective dates for some parts of the Loan Originator Rule and the prohibition on financing credit insurance premiums.

Comments on the proposal must be received by July 22.

Diane Dean

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