Federal Register: CFPB Adopts Final Amendments to 2013 Mortgage Rules
The Consumer Financial Protection Bureau ("CFPB") adopted final amendments to certain mortgage servicing rules issued by the CFPB in 2013 pursuant to the Dodd-Frank Act. The final amendments were published in the Federal Register.
The extensive final amendments:
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clarify, revise or amend provisions regarding force-placed insurance notices, policies and procedures, early intervention, and loss mitigation requirements under Regulation X's servicing provisions;
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review crediting and periodic statement requirements under Regulation Z's servicing provisions;
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address proper compliance with 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; and
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make technical corrections to several provisions of Regulations X and Z.
Along with these final amendments, the CFPB is concurrently issuing an interpretive rule under the Fair Debt Collection Practices Act relating to servicers' compliance with certain mortgage servicing rules.
The final rule is effective on October 19, 2017. The CFPB noted that the following "Amendatory instructions" will not be effective until April 19, 2018: 5, 6.b, 7, 8, 9, 11.b, 17.a.ii, 17.b.ii, 17.c, 17.d.ii, 17.f.i, 17.i.i, 17.k, 19, 20, 22, 23.c, 25.a, 25.b, 25.c.ii, and 25.d.ii.