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ARTICLE · 22 APRIL 2013

CFPB Issues Guidance on Mortgage Servicing

Reed Smith
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With the new mortgage servicing rules under the Real Estate Settlement Procedures Act (Regulation X) ("RESPA") scheduled to go into effect January 10, 2014, the Consumer Financial Protection Bureau’s ("CFPB") decision to issue guidance on the existing servicing transfer regulations may have been unexpected by some.

United StatesFinance and Banking
Colleen McDonald
Colleen McDonald
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With the new mortgage servicing rules under the Real Estate Settlement Procedures Act (Regulation X) ("RESPA") scheduled to go into effect January 10, 2014, the Consumer Financial Protection Bureau's ("CFPB") decision to issue guidance on the existing servicing transfer regulations may have been unexpected by some. However, given the high volume of recent servicing rights transfers, the CFPB determined that the time was right to provide servicers with notice that their policies and procedures on servicing rights transfers will be closely scrutinized. The guidance serves as "advance notice" of what the CFPB's examiners will be looking for with regard to transfers of mortgage servicing.

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