1. Comprehensive Mortgage Servicing Rules Proposed by
CFPB
The Consumer Financial Protection Bureau ("CFPB") has
proposed mortgage servicing rules that would establish new
requirements for periodic statements for residential mortgage
loans, initial rate adjustment notices for adjustable-rate
mortgages, and crediting of mortgage payments and responses to
requests for payoff amounts. The August 10 proposals generally
would apply to all mortgage loan servicers, regardless of the size
of the institution or the size of the portfolio being serviced.
However, certain small servicers would be exempt from the Truth in
Lending periodic statement requirements and the CFPB has requested
input from the public on whether to exempt small servicers from
other requirements or modify certain requirements for small
servicers. Among other new requirements, the proposed rules would
require servicers to provide regular statements that must include a
summary of principal, interest, fees
