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ARTICLE · 11 NOVEMBER 2013

New Guidance For Mortgage Servicing Rules

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On October 15, 2013, the CFPB issued additional Guidance regarding various aspects of the Mortgage Servicing Rules issued last January and effective January 10, 2014.

United StatesFinance and Banking
J. Clifford Harrison
J. Clifford Harrison
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On October 15, 2013, the CFPB issued additional Guidance regarding various aspects of the Mortgage Servicing Rules issued last January and effective January 10, 2014. Those rules implement changes to the Real Estate Settlement Procedures Act and the Truth In Lending Act. This new Guidance addresses three areas of concern expressed by many servicers:

  • Policies and procedures that servicers must have regarding the identification of and communication with a successor in interest of a deceased borrower with respect to the deceased borrower's mortgage loan.
  • Communication with borrowers under the Early Intervention Rule.
  • A servicer's obligation to provide notices and communicate with borrowers who have given notice under the Fair Debt Collections Practices Act (FDCPA) barring collectors from communicating with them.

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