What Are the Mortgage Servicing Rules Issued by the Consumer Financial Protection Bureau?
The Dodd-Frank Act, TILA and RESPA authorize the Consumer Financial Protection Bureau (CFPB) to implement and issue additional consumer protection regulations. As a result, in 2013, the CFPB approved Regulation X and Regulation to implement both RESPA and TILA, including certain mortgage servicing specific rules.
Requirements imposed by the CFPC on mortgage servicing companies include:
Successors in interest
Error resolution and information requests
General servicing policies, procedures and requirements
Early intervention with delinquent borrowers
Continuity of contact with delinquent borrowers
Interest rate adjustment notices for ARMs
Prompt crediting of mortgage payments and responses to requests for payoff amounts
Periodic statements for mortgage loans
Bankruptcy periodic statements
Note that Regulation X usually uses the term "borrower", whereas Regulation Z use the term “consumer”. Most of the time you may use these terms interchangeably, since they tend to refer to the same individual but from a different perspective.
- What Is Predatory Mortgage Servicing?
- What Are the Specific Formal Requirements for Periodic Statements?
- What Are Coupon Books and When Can They Replace Periodic Statements?
- When Are Servicers Allowed to Stop Providing Periodic Statements or Coupon Books?
- How Are Periodic Statements Delivered?
- What Is the Rule on Interest Rate Adjustment Notices?
- When Should I Receive an Interest Rate Adjustment Notice?
- What Information Must Be Included in the Initial and Ongoing Interest Rate Adjustment Notices?
- What Is the Prompt Payment Crediting Rule for Servicing Companies?
- What Are the Prompt Payment Crediting and Payoff Statement Rules for Servicers?
- Can the Loan Servicer Refuse to Provide You with a Payoff Balance Statement within 7 Days?
- Can I Choose My Mortgage Servicing Company?
- Are There Any Rules Regarding Written Communication with Servicing Companies?
- Are Servicers Allowed to Charge a Borrower for Force-Placed Insurance Coverage?
- What Are the General Rules Regarding Servicing Policies, Procedures, and Requirements?
- Are There Any Special Rules for Servicers When Dealing with Delinquent Borrowers?
- What Is the "Successors in Interest Rule" for Servicing Companies?
- How Should I Inform Servicers When I Become a Successor in Interest?
- Am I Liable for the Loan Once Confirmed as a Successor in Interest?
- Can I Change My Mortgage Servicing Company?
- Can I Turn to a Government Agency to Complain Against a Mortgage Servicing Company?
- Are There Any Federal Laws Protecting Me from Mortgage Servicers?
- What Is the Periodic Statement Rule for Mortgage Servicers?
- Are There Any Exceptions to the Periodic Statement Rule?
- How Many Periodic Statements Am I Entitled to Receive?