Fannie Mae Releases FAQs Regarding CFPB Mortgage Servicing Rules
On January 10, Fannie Mae released Frequently Asked Questions regarding the Consumer Financial Protection Bureau (CFPB) mortgage servicing rules.
Frequently Asked Questions: Servicing Guide Announcements SVC-2013-20 Delinquency Management and Default Prevention Updates Related to the Consumer Financial Protection Bureau (CFPB) Mortgage Servicing Rules and Other Servicing Responsibilities and SVC-2013-23—Delinquency Management and Other Servicing Responsibilities
These FAQs are intended to help servicers understand and implement the requirements of Announcements SVC-2013-20 and SVC-2013-23, which primarily are effective beginning January 10, 2014.
Q1. Does Fannie Mae’s guidance ensure servicers are in compliance with CFPB rules and regulations?
No. Fannie Mae’s requirements are not intended to cover all of the servicing rules issued by the CFPB. As provided in the Servicing Guide, servicers are expected to comply with all applicable laws, including any CFPB-related mortgage servicing rules applicable to the servicer that are not covered by Fannie Mae’s requirements.
Please click here to view the FAQs in their entirety.
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