CFPB issues guidance, technical corrections to mortgage servicing amendments

cfpb-logoThe CFPB today issued two documents relating to the 2016 amendments to the 2013 mortgage rules under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z).

The bureau described the technical updates as “non-substantive corrections to the 2016 Mortgage Servicing Final Rule.”

The CFPB also issued non-binding policy guidance relating to a three-day period of early compliance. The bureau stated in the guidance that it does not intend to take supervisory or enforcement action for violations of existing Regulation X or Regulation Z resulting from a servicer’s compliance with the 2016 mortgage servicing final rule occurring up to three days before the applicable effective dates.

Here is the complete information from the CFPB:

Good afternoon,

On June 27, 2017, the CFPB issued two documents relating to the 2016 Amendments to the 2013 Mortgage Rules under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z) (“2016 Mortgage Servicing Final Rule”).

First, the Bureau issued technical, non-substantive corrections to the 2016 Mortgage Servicing Final Rule. The Bureau corrected two typographical errors, several amendatory instructions relating to several official comments and certain periodic statement sample forms, and the Bureau’s authority citation for Regulation Z. You can access the corrections on our website here

Second, to address concerns raised by some industry participants, the Bureau issued non-binding policy guidance relating to a three-day period of early compliance. The Bureau stated in the non-binding policy guidance that it does not intend to take supervisory or enforcement action for violations of existing Regulation X or Regulation Z resulting from a servicer’s compliance with the 2016 Mortgage Servicing Final Rule occurring up to three days before the applicable effective dates. For these purposes, “up to three days before the applicable effective dates” means, for the amendments that will take effect on Thursday, October 19, 2017, the period of Monday, October 16, through Wednesday, October 18, 2017; and, for the amendments that will take effect on Thursday, April 19, 2018, the period of Monday, April 16, through Wednesday, April 18, 2018. You can access the policy guidance statement on our website here.

Thank you,

CFPB Regulatory Implementation Team
Consumer Financial Protection Bureau

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