Are There Any Federal Laws Protecting Me from Mortgage Servicers?

Yes. In the years after the 2008 financial crisis, which was largely caused by the lack of regulation in the mortgage market, the government enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act (2010). This Act amended the Real Estate Settlement Procedures Act (RESPA, 1974), which is implemented by Regulation X (2013), and also amended the Truth in Lending Act (TILA, 1968), implemented by Regulation Z (2013).

At the same time, the Dodd-Frank Act created the Consumer Financial Protection Bureau (CFPB), a government agency in charge of supervising and enforcing compliance with the aforementioned regulations while at the same time being allowed to impose its own restrictions on the mortgage market.

The main actions required by the Dodd-Frank Act to mortgage servicing companies are as follows:

• Providing periodic statements for consumers' mortgage loans

• Providing payoff statements to consumers upon request

• Disclosure for certain adjustable-rate mortgages (ARMs) and force-placed insurance

• Providing prompt crediting of mortgage payments

• Correct certain errors made by borrowers regarding their mortgages

• Respond to requests for information from borrowers regarding their mortgages