Consumer Finance Monitor Podcast Episode: CFPB’s Proposed Mortgage Servicing Rule Amendments: Understanding the Impact on Loss Mitigation, Foreclosure, and Language Access
On June 4, the Office of Information and Regulatory Affairs received five pending publications from the CFPB. The five rulemakings under consideration included: (i) Loan Originator Compensation Requirements Under the Truth in...more
Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) submitted several regulatory proposals to the Office of Management and Budget (OMB) for review. Among the rules under consideration are those related to...more
The CFPB recently made filings with the Office of Management and Budget (OMB) regarding the following rules...more
What Happened? On July 10, 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) proposed a rule to amend provisions of its Mortgage Servicing Rules to significantly revamp requirements relating to borrowers...more
The Consumer Financial Protection Bureau (CFPB or Bureau) recently released its semi-annual regulatory agenda, outlining its planned rulemaking initiatives. The CFPB releases regulatory agendas twice a year in voluntary...more
On July 10, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued its long-awaited Mortgage Servicing Proposed Rule to amend Regulation X. ...more
The complexity of loss mitigation programs designed to assist distressed mortgage borrowers during the COVID-19 pandemic may have been too daunting for many borrowers to seek help, the CFPB said, in a report released last...more
The CFPB recently issued its long-awaited proposed rule amending the mortgage servicing rules under Regulation X, with a focus on streamlining and expanding the loss mitigation procedures and foreclosure protections. The...more
As we predicted here, the Consumer Financial Protection Bureau (CFPB or Bureau) last week proposed new and, in some cases, streamlined rules governing what mortgage servicers must do after a borrower becomes delinquent. The...more
On April 5, the Consumer Financial Protection Bureau (“CFPB”) proposed amendments to Regulation X with the effect of preventing foreclosure on certain residential mortgage loans until January 1, 2022. With a proposed...more
On April 5, 2021, the Consumer Financial Protection Bureau (CFPB) issued a press release and proposed rule requesting public comment on proposed amendments to Regulation X which “would establish a temporary COVID-19 emergency...more
In This Issue. The Consumer Financial Protection Bureau (CFPB) continued to be active under its new leadership this week, warning mortgage servicers to prepare now for an anticipated surge of homeowners needing assistance...more
As promised by the CFPB when it issued two Regulation Z ability to repay rule qualified mortgage (QM) loan proposals in June 2020, the CFPB recently issued a proposal to provide for a new seasoned QM loan. Comments will be...more
On October 4, 2017, the CFPB released an interim final rule and a proposed rule to amend certain provisions of its 2016 Mortgage Servicing Final Rule. While the changes will not drastically change the 2016 Mortgage Servicing...more