Newsroom

The CFPB on Thursday announced that it is seeking feedback on its plan to assess the effectiveness of the 2013 Real Estate Settlement Procedures Act mortgage servicing rule. The bureau said it will issue a report of the assessment by January 2019.

The Dodd-Frank Act requires the CFPB to review certain rules within five years after they take effect, thus this request for feedback. Comments to the CFPB will be due 60 days after its request for information is published in the Federal Register. NAFCU will issue a Regulatory Alert on this request.

The 2013 RESPA mortgage servicing rule went into effect on Jan. 10, 2014. This rule is aimed at giving borrowers new protections related to mortgage loan servicing by requiring servicers to provide borrowers with disclosures related to force-placed insurance, respond to errors asserted by borrowers in a timely manner, and follow certain procedures related to loss mitigation applications and communications with borrowers.

NAFCU has a host of resources dedicated to this rule on its website, including final summaries, blog posts and articles.

To help the bureau understand the rule's effectiveness, the CFPB is requesting comments on ways the rule can be improved or other recommendations.