Description
On August 4, 2016 the Consumer Financial Protection Bureau (CFPB) published revisions to the Dodd-Frank rules for servicers known as the 2016 Mortgage Servicing Rules. Those rules were originally effective on January 10, 2014. The CFPB issued proposed amendments in November 2014. Most of the provisions of the final rule will take effect on October 19, 2017. The provisions relating to successors in interest and the provisions relating to periodic statements for borrowers in bankruptcy will take effect on April 19, 2018.
Forms provide the framework for tracking the status of a request, providing accurate information, and relaying and providing information in a timely manner. The Regulation X Successor in Interest Form identifies and tracks information on borrower, account and potential successors in interest.
