Clarifications to the Mortgage Servicing and HOEPA Rules

Executive Summary

 

The Consumer Financial Protection Bureau is seeking comments through November 22, 2013 on an Interim Final Rule to address a small number of issues raised by mortgage servicers and others regarding the mortgage servicing and Home Owners Equity Protection Act (HOEPA) rules set to take effect January 2014.

An Interim Final Rule is one that has already been approved and in this case, is scheduled to take effect January 10, 2014. However, the Bureau is nonetheless seeking comments on how stakeholders think they will be affected by the changes and further changes could be adopted to the Interim Final Rule before January.

The Interim Final Rule would amend:

(1) The Mortgage Servicing Rules under the Real Estate Settlement Procedures Act (Regulation X) (2013 RESPA Servicing Final Rule);

(2) The Mortgage Servicing Rules under the Truth in Lending Act (Regulation Z) (2013 TILA Servicing Final Rule); and

(3) The High-Cost Mortgage and Homeownership Counseling Amendments to the Truth in Lending Act (Regulation Z) and Homeownership Counseling Amendments to the Real Estate Settlement Procedures Act (Regulation X) (2013 HOEPA Final Rule).

The Interim Final Rule addresses these areas:

• How the certain issues regarding communications with borrowers under the servicing rules should be addressed in light of bankruptcy law and the Fair Debt Collections Practices Act (FDCPA); and

• Issues relating to communications with delinquent borrowers for early intervention.

CUNA seeks input from leagues and credit unions on the Interim Final Rule by November 18, 2013. For more information contact Mary Dunn or Jared Ihrig. Please click here for the comment call in PDF  Comments to the CFPB may be submitted, identified by Docket No. CFPB-2013-0031or RIN 3170-AA37, by:

Electronic: http://www.regulations.gov. Follow the instructions for submitting comments.

Mail/Hand Delivery/Courier: Monica Jackson, Office of the Executive Secretary,

Consumer Financial Protection Bureau, 1700 G Street, NW, Washington, DC 20552. Comments must provide the Bureau’s name and docket number or Regulatory Information Number(RIN)of the Interim Final Rule.