New CFPB Proposed Changes: Part 1 – Regulations X & Z: Mortgage Servicing Rules
Two hour tele-web seminar October 18, 2012
The CFPB recently proposed significant changes to Regulations B, Z and X. This three-part program explains the proposals in detail and what they will mean to your bank. Part 1 addresses proposed changes to mortgage servicing rules.
This tele-web seminar will begin on Thursday, October 18, 2012 at 11:30 AM to 1:30 PM Pacific Time.
On August 10 the Consumer Financial Protection Bureau (CFPB) published two significant proposed rules to revise the Truth in Lending (TILA) and the Real Estate Settlement Procedures (RESPA) Acts. Both rules deal with provisions related to the servicing of mortgage loans. These rules apply to all banks, whether they service loans in their own portfolio or loans owned by others.
TILA/Regulation Z – The proposed amendments implement the Dodd- Frank Act provisions regarding mortgage loan servicing. The proposal encompasses 177 pages. Comments are due by October 9, 2012. Final rules will be published in January 2013.
RESPA/Regulation X – The proposed amendments implement the
Dodd-Frank Act provisions regarding mortgage loan servicing. The
proposal encompasses 249 pages. Comments are due by October 9,
2012. Final rules will be published in January 2013.
Note: Part 2 on October 25 deals with proposed changes to Appraisal Rules
and Part 3 on November 1 addresses Loan Originator Compensation Rules.
Regulation Z rules that require:
- Initial rate adjustment notices for adjustable-rate mortgages (ARMs);
- Periodic statements for residential mortgage loans;
- Prompt crediting of mortgage payments and response to requests for payoff amounts; and
- The scope, timing content and format of current disclosures to consumers
- occasioned by the interest rate adjustments of their variablerate transactions.
Regulation X rules to:
- Correct errors asserted by mortgage loan borrowers;
- Provide information requested by mortgage loan borrowers;
- Ensure that a reasonable basis exists to obtain force-placed insurance;
- Establish reasonable information management policies and procedures;
- Provide information about mortgage loss mitigation options to delinquent borrowers;
- Provide delinquent borrowers access to servicer personnel with continuity of contact about their mortgage loan account; and
- Evaluate borrowers’ applications for available loss mitigation options.
Loan originators, officers, assistants, compliance officers and auditors.
Jack Holzknecht, Pegasus Educational Services, LLC.
2.0 total credits
Member price: $250.00 | Non member price $500.00