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2013 Real Estate Settlement Procedures Act (Regulation X) and Truth in Lending Act (Regulation Z) Mortgage Servicing Final Rules

The CFPB is amending Regulation X, which implements the Real Estate Settlement Procedures Act of 1974, and implementing a commentary that sets forth an official interpretation to the regulation. The CFPB is also amending Regulation Z, which implements the Truth in Lending Act and the official interpretation to the regulation, which interprets the requirements of Regulation Z. These final rules implement provisions of the Dodd-Frank Act regarding mortgage loan servicing.

Specifically, the Regulation X final rule implements Dodd-Frank Act sections addressing servicers’ obligations to correct errors asserted by mortgage loan borrowers; to provide certain information requested by such borrowers; and to provide protections to such borrowers in connection with force-placed insurance. Additionally, this final rule addresses servicers’ obligations to establish reasonable policies and procedures to achieve certain delineated objectives; to provide information about mortgage loss mitigation options to delinquent borrowers; to establish policies and procedures for providing delinquent borrowers with continuity of contact with servicer personnel capable of performing certain functions; and to evaluate borrowers’ applications for available loss mitigation options. Further, this final rule modifies and streamlines certain existing servicing-related provisions of Regulation X.

The Regulation Z final rule implements Dodd-Frank Act sections addressing initial rate adjustment notices for adjustable-rate mortgages, periodic statements for residential mortgage loans, prompt crediting of mortgage payments, and responses to requests for payoff amounts. This final rule also amends current rules governing the scope, timing, content, and format of disclosures to consumers regarding the interest rate adjustments of their variable-rate transactions.

This page contains resources to help you understand the rules and their implications.

 

Contents

  1. The rules
    1. Effective dates
    2. Breakdown of the documents’ contents
  2. Compliance guide and related information
    1. Compliance guide
    2. Mortgage servicing rules coverage chart
  3. What this means for consumers
  4. Related proposals

 


The rules

Final rules submitted to the Federal Register

October 15, 2013: We issued an interim final rule amending certain provisions of the rule.
September 13, 2013: We issued a final rule amending certain provisions of the rule. It is based on a proposed rule issued in June 2013.
July 10, 2013: We issued a final rule amending certain provisions of the rule. It is based on a proposed rule issued in April 2013.

Effective dates

These rules are effective January 10, 2014.

Breakdown of the documents’ contents

Mortgage servicing under the Real Estate Settlement Procedures Act (Regulation X)

This document contains the following parts:

  • Preamble summarizing why we are issuing the rule, our legal authority, reasoning behind the rule, responses to comments, and analysis of the benefits, costs, and impacts of the rule
  • Regulatory text, which, when effective, will amend Regulation X and can be found on page 646 of the full document
  • Official interpretations of the rule, which can be found on page 705 of the full document

We issued the document containing this final rule on January 17, 2013. View the full document as issued.

The Office of the Federal Register published this document on February 14, 2013. View the document as published in the Federal Register.

Mortgage servicing under the Truth in Lending Act (Regulation Z)

This document contains the following parts:

  • Preamble summarizing why we are issuing the rule, our legal authority, reasoning behind the rule, responses to comments, and analysis of the benefits, costs, and impacts of the rule
  • Regulatory text, which, when effective, will amend Regulation Z and can be found on page 376 of the full document
  • Official interpretations of the rule, which can be found on page 403 of the full document

We issued the document containing this final rule on January 17, 2013. View the full document as issued.

The Office of the Federal Register published this document on February 14, 2013. View the document as published in the Federal Register.


Compliance guide and related information

Compliance guide

Read the Small Entity Compliance Guide to learn more about the rules in a plain language and FAQ format which makes the content more accessible for a broad array of industry constituents, especially smaller businesses with limited legal and compliance staff. Or watch our video on YouTube to learn more about the rule.

Mortgage servicing rules coverage chart

Review our quick reference chart, which shows coverage of the Bureau’s 2013 mortgage servicing rules for loans and servicers.


What this means for consumers

The new rule will go into effect on January 10, 2014. This summary outlines some of the ways we expect it to impact consumers who have residential mortgage loans. Download the consumer summary.


Related proposals

June 21, 2013: We issued a proposed rule with request for public comment that proposed certain amendments for several of the final mortgage rules we issued in January 2013. This proposal was published in the Federal Register on July 2, 2013. You can also review comments submitted on the electronic docket.

August 10, 2012: The Bureau issued related proposals for public comment. These proposals were published in the Federal Register on September 17, 2012. You can view the electronic dockets on Regulations.gov, which contain the proposals, comments, Small Business Review Panel Report, and Consumer Testing report:
Real Estate Settlement Procedures Act (Regulation X) Mortgage Servicing Proposal
Truth in Lending Act (Regulation Z) Mortgage Servicing Proposal

April 19, 2013: We issued a proposed rule with request for public comment that amends some of the final mortgage rules issued by the bureau in January of 2013. Specifically, it amends this rule and the Ability to Repay/Qualified Mortgage rule.

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