CFPB: Regulation X and Regulation Z Mortgage Servicing FAQs
March 20, 2018
Source: CFPB (Mortgage Servicing FAQs full version)
CFPB (Title XIV Rules: Mortgage Servicing web page)
Mortgage Servicing FAQs
The questions and answers below pertain to compliance with Regulation X and Regulation Z, effective April 19, 2018. These questions and answers are not a substitute for Regulation X, Regulation Z, or their official interpretations (also known as the commentary). Regulation X, Regulation Z, and their official interpretations are the definitive sources of information regarding their requirements.
Bankruptcy Periodic Statements
NOTE: For certain borrowers in bankruptcy, servicers are exempt from sending periodic statements. For other borrowers in bankruptcy, servicers are not exempt from sending periodic statements, but instead are required to send modified periodic statements. Additionally, in certain circumstances, a servicer may be required to resume sending unmodified periodic statements after a borrower’s bankruptcy case has completed. To determine if a servicer is required to send modified periodic statements to a borrower in bankruptcy, please review Regulation Z, § 1026.41(e) and (f).