23rd January 2013

CFPB Issues New Appraisal Rule – Summary of the final mortgage servicing rules

Summary of the final mortgage servicing rules

January 17, 2013

The Consumer Financial Protection Bureau (Bureau) is releasing final rules to implement laws to protect consumers from detrimental actions by mortgage servicers and to provide consumers with better tools and information when dealing with mortgage servicers. The rules will take effect on January 10, 2014. The servicing rules are set forth in two notices, one to amend Regulation Z, which implements the Truth in Lending Act, and one to amend Regulation X, which implements the Real Estate Settlement Procedures Act. The rules cover nine major topics and implement certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) that relate to mortgage servicing.

BACKGROUND …continue reading the rest of this post: CFPB Issues New Appraisal Rule – Summary of the final mortgage servicing rules

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