CFPB 2013 Final Mortgage Rules
On September 13, the Consumer Financial Protection Bureau (CFPB) released a document titled Amendments to the 2013 Mortgage Rules under the Equal Credit Opportunity Act (Regulation B), Real Estate Settlement Procedures Act (Regulation X), and the Truth in Lending Act (Regulation Z).
Amendments to the 2013 Mortgage Rules under the Equal Credit Opportunity Act (Regulation B), Real Estate Settlement Procedures Act (Regulation X), and the Truth in Lending Act (Regulation Z)
ACTION: Final rule.
SUMMARY: This final rule amends some of the final mortgage rules issued by the
Bureau of Consumer Financial Protection (Bureau) in January 2013. These
amendments focus primarily on loss mitigation procedures under Regulation X’s
servicing provisions, amounts counted as loan originator compensation to retailers
of manufactured homes and their employees for purposes of applying points and
fees thresholds under the Home Ownership and Equity Protection Act and the
Ability-to-Repay rules in Regulation Z, exemptions available to creditors that operate
predominantly in “rural or underserved” areas for various purposes under the
mortgage regulations, application of the loan originator compensation rules to bank
tellers and similar staff, and the prohibition on creditor-financed credit insurance.
The Bureau also is adjusting the effective dates for certain provisions of the loan
originator compensation rules. In addition, the Bureau is adopting technical and
wording changes for clarification purposes to Regulations B, X, and Z.
DATES: This rule changes the effective date of §§ 1026.25(c)(2), 1026.36(a), (b), (d), (e),
(f), and (j) and commentary to §§ 1026.25(c)(2) and 1026.36(a), (b), (d), (e), (f), and (j) in
Supp. I to part 1026, as adopted by the 2013 Loan Originator Compensation Final Rule,
78 FR 11280 (Feb. 15, 2013), to January 1, 2014. In addition, the amendments to
§§ 1026.35(b)(2)(iii), 1026.36(a), (b), and (j), and commentary to §§ 1026.25(c)(2),
1026.35 and 1026.36(a), (b), (d), and (f) in Supp. I to part 1026 adopted by this final rule
are effective January 1, 2014. All other provisions of this final rule are effective
January 10, 2014.
To view the online document in its entirety, please click here.
Please click here for a related article from MortgageOrb:
CFPB Finalizes Second Set Of Clarifications On Mortgage Rules
Safeguard Properties is the largest mortgage field services company in the U.S. Founded in 1990 by Robert Klein and based in Valley View, Ohio, the company inspects and maintains defaulted and foreclosed properties for mortgage servicers, lenders, and other financial institutions. Safeguard employs approximately 1,700 people, in addition to a network of thousands of contractors nationally. Website: www.safeguardproperties.com.