The Consumer Financial Protection Bureau (CFPB) published its final mortgage servicing rule Wednesday in the Federal Register, providing an effective date. Most of the rule will be effective Oct. 19, 2017--1 year from its publication--while others, including the successors-in-interest requirements, will be effective April 19, 2018.
CUNA remains concerned about increased regulatory burdens that come along with the rule, including provisions addressing successors in interest and bankruptcy periodic statements.
Another measure generally requires that mortgage servicers provide borrowers in bankruptcy with periodic statements containing bankruptcy-specific information, as well as a modified written early intervention notice to let those borrowers know about loss mitigation options.
The rule maintains a small servicer exemption for many of the provisions of the rule that generally applies to servicer of 5,000 or fewer mortgage loans for all of which the servicer is the creditor or assignee.
CUNA’s CompBlog has dedicated several entries to in-depth examination of the rule’s new requirements in a series of entries, including: