WASHINGTON (12/19/14)--The Consumer Financial Protection Bureau (CFPB) has proposed amendments to its mortgage servicing rules that were first introduced in 2013. The proposal would amend provisions in Regulation X, which implements the Real Estate Settlement Procedures Act, and Regulation Z, which implements the Truth in Lending Act.
According to the CFPB, the proposed amendments focus primarily on clarifying, revising or amending provisions regarding force placed insurance notices, policies and procedures, early intervention, and loss mitigation requirements under Regulation X's servicing provisions. The Regulation Z amendments involve periodic statement requirements under its servicing provisions.
Among other things, the proposal would:
The proposed rule also makes technical corrections to several provisions of Regulations X and Z. Comments on the proposal are due March 16.