Last week the Consumer Financial Protection Bureau (“CFPB”) published an updated version of its Mortgage Servicing Small Entity Compliance Guide. The updated Guide incorporates amendments made to the mortgage servicing rules and regulations contained in Regulation X and Regulation Z. These amendments were released by the CFPB in August 2016, but the clock did not start ticking on their effective date until they were published in the Federal Register. The amendments were published in the Federal Register on October 19, 2016. Accordingly, most of the amended regulations will be effective on October 19, 2017. The amendments related to successors in interest and periodic statements for borrowers in bankruptcy will be effective on April 19, 2018. The CFPB’s Mortgage Servicing Small Entity Compliance Guide provides a summary of the amended rules, along with official commentary and interpretations. The updated Guide can be accessed on the CFPB’s Mortgage Servicing implementation webpage. To read more about updated mortgage servicing rules, please click here.
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