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ARTICLE · 09 JANUARY 2015

CFPB Asks For Comments On Proposed Amendments To 2013 Mortgage Rules

Troutman Pepper Locke LLP
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On December 15, the CFPB published a proposed rule regarding Amendments to the 2013 Mortgage Rules under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z).

United StatesFinance and Banking
Ethan Ostroff
Ethan Ostroff
Ashley L. Taylor
Ashley L. Taylor
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On December 15, the CFPB published a proposed rule regarding Amendments to the 2013 Mortgage Rules under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z).

As we previously discussed, in October 2014 the CFPB issued a final rule amending the 2013 mortgage rules that took effect in January 2014.

The CFPB's newest proposed amendments focus primarily on provisions regarding force-placed insurance notices, policies and procedures, early intervention, and loss mitigation requirements under Regulation X's servicing provisions, as well as periodic statement requirements under Regulation Z's servicing provisions.  They also address proper compliance regarding certain servicing requirements when a consumer is in bankruptcy or sends a cease communication request under the FDCPA.

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