On January 17, 2013, the Consumer Financial Protection Bureau (“Bureau”) took another major step in the restructuring of the U.S. residential mortgage sector by issuing final rules (collectively, the “Rule”) regarding mortgage servicing. The Rule implements provisions of the Dodd-Frank Act (“DFA”) that amended the Real Estate Settlement Procedures Act (“RESPA”) and Truth in Lending Act (“TILA”).
The Bureau received substantial comment from industry and consumer groups when itissued proposed rules to amend Regulation X, which implements RESPA, and Regulation Z, which implements TILA (collectively, the “Proposal”). Industry representatives expressed concern regarding the costs and burdens associated with certain aspects of the Proposaland the potential for additional liability exposure.
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Topics: CFPB, Dodd-Frank, Foreclosure, Mortgages, Regulation Z, RESPA, Servicing Policies, TILA
Commercial Law & Contracts Updates, Consumer Protection Updates, Finance & Banking Updates, Residential Real Estate Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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