On April 5, 2021, the Consumer Financial Protection Bureau (CFPB) proposed changes to Regulation X to assist borrowers affected by the COVID-19 emergency. The CFPB is taking this action to: Help ensure that borrowers impacted by the COVID-19 pandemic have an opportunity to be evaluated for loss mitigation before the initiation of foreclosure. Establish a temporary COVID-19 emergency pre-foreclosure review period until December 31, 2021, for principal residences Temporarily permit mortgage servicers to offer certain […]
Category: RESPA
CFPB WARNS OF FORECLOSURE SURGE AND COMPLIANCE RISK
On April 1, 2021, the CFPB issued Compliance Bulletin 2021-02 warning mortgage services of a pending wave of foreclosures when the pandemic-related federal emergency mortgage protections expire this summer and fall. Since the CARES Act was enacted, 6.9 million borrowers have entered a forbearance program. As of January 2021, more than 2.1 million borrowers in forbearance programs were more than 90 days behind on their mortgage payments (including borrowers who have forborne three or more […]
CFPB ISSUES SECTION 8 FAQS
On October 7, 2020, the Consumer Financial Protection Bureau published guidance in the form of fourteen Frequently Asked Questions (FAQs) on the Real Estate Settlement Procedures Act (RESPA) Section 8 topics. The FAQs provide an overview of the provisions of RESPA Section 8 and respective Regulation X sections, and address the application of certain provisions to common scenarios described in CFPB inquiries involving gifts and promotional activities, and marketing services agreements (MSAs). In addition, the CFPB determined […]
REVISED CHARM BOOKLET
On June 9,2020 the Consumer Financial Protection Bureau (CFPB) announced the availability of an updated consumer publication, the Consumer Handbook on Adjustable Rate Mortgages booklet, also known as the CHARM booklet, required under the Real Estate Settlement Procedures Act (RESPA) implemented by Regulation X and the Truth in Lending Act (TILA) implemented by Regulation Z. New features include: A comparison table that describes adjustable rate mortgages and their differences in relation to fixed-rate loan products; […]
CFPB COMMENCES TRID ASSESSMENT
On November 20 the Consumer Financial Protection Bureau (CFPB) announced that it commencing an assessment of its TRID (Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure) rules. The CFPB intends to address the TRID Rule’s effectiveness in meeting the purposes and objectives of Title X of the Dodd-Frank Act, the specific goals of the rule, and other relevant factors. The public is invited to comment on the feasibility and effectiveness of […]