Mortgage Servicing under the Truth in Lending Act (Reg Z); Final Rule, Official Interpretations (CFPB - Pre-Fed. Reg. Version)

The CFPB has amended Regulation Z and the commentary to the regulation with respect to mortgage servicer obligations. The amendments implements the sections of the Dodd-Frank Act addressing the following:

• Initial rate adjustment notices for adjustable-rate mortgages;
• Periodic statements for residential mortgage loans;
• Prompt crediting of mortgage payments; and
• Responses to requests for payoff amounts.

This final regulation also amends current rules governing the scope, timing, content, and format of disclosures to consumers regarding the interest rate adjustments of their variable-rate transactions.

Effective Date: January 10, 2014.

Cross-Reference(s): Dodd-Frank Sections 1418 ("Six-Month Notice Required before Reset of Hybrid Adjustable Rate Mortgages"), 1420 ("Disclosures Required in Monthly Statements for Residential Mortgage Loans"), and 1464 ("Truth in Lending Act Amendments").

Click here to view rule release in full (links externally to CFPB website).See also: Text of regulatory amendment only; Official interpretations only; Mortgage Servicing under the Truth in Lending Act (Reg Z) as proposed (77 FR 57317).