In October last year, the CFPB finalized amendments to the 2013 mortgage rules under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z). These new servicing rules become effective in October 2017 & April 2018.
The Final Rule clarifies, revises, or amends provisions regarding force-placed insurance notices, policies and procedures, early intervention, and loss mitigation requirements under Regulation X’s servicing provisions; and prompt crediting and periodic statement requirements under Regulation Z’s servicing provisions. The Final Rule also addresses proper compliance regarding certain servicing requirements when a person is a potential or confirmed successor in interest, is a debtor in bankruptcy, or sends a cease communication request under the Fair Debt Collection Practices Act.
These changes may not impact you on a daily basis, as they primarily deal with delinquencies, customers in bankruptcy, force-placed insurance, and successors in interest. However, you need to be aware of them to know if and when they could impact you.
Join us on July 27, 2017, for our Mortgage Servicing Webinar where we will provide plain English interpretations, guidance and opinion related to the new rules.