CFPB launches national mortgage servicing rules

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The Consumer Financial Protection Bureau is conducting an assessment of the mortgage servicing rules under the Real Estate Settlement Procedures Act (Regulation X), as amended prior to January 10, 2014. The CFPB is required to review certain rules within five years after they go into effect by the Dodd-Frank Wall Act.

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The new mortgage servicing rules achieve two main objectives. First, they will help prevent all borrowers from being caught off guard by surprises and getting the runaround from their servicers.

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 · WASHINGTON – Just a week after overhauling how mortgages are underwritten, the Consumer Financial Protection Bureau was set Thursday to unleash an additional series of rules dictating extensive new requirements for mortgage servicing. Unlike the rule defining a "qualified mortgage," which the industry said was more flexible and less harsh than expected, the servicing regulations are.

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servicers’ compliance with certain mortgage servicing provisions as amended by the 2016 Mortgage Servicing Rule. Further, on October 4, 2017, the Bureau issued an interim final rule amending a provision of the Regulation X mortgage servicing rules that it issued in 2016 relating

(WASHINGTON) "Today, by finalizing revised mortgage servicing rules, the CFPB has taken an important step toward improving protections for distressed borrowers," said John Rao, staff attorney at the National Consumer Law Center. "Many homeowners will find it easier to save their homes from foreclosure because of these new rules."

Summary of Mortgage Servicing Rules. The Consumer Financial Protection Bureau (CFPB) released its final rules on mortgage loan servicing on January 17, 2013, and amended them in August 2016. These new national standards are changes to Regulation Z, Truth in Lending Act, and Regulation X, Real Estate Settlement Procedures Act.

Home prices in lackluster markets return to 1997 levels  · Falling home prices reduced the market value of those homes below the remaining mortgage balance, and thus made it impossible to refinance those mortgages at lower fixed rates. The result was a rash of home foreclosures, the failure of many mortgage lenders, and dramatic write-downs in the value of many mortgage-backed securities.

INTERAGENCY MORTGAGE REGULATION TASKFORCE. Leader – Carlo Porcelli, Bank of America The Work of this taskforce focuses its efforts on harmonizing mortgage servicing rules promulgated by HUD, CFPB, and other agencies of the federal government. The task force is involved in the development of a coherent, comprehensive,