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OCC Bulletin 2015-25: Real Estate Settlement Procedures Act

On April 14, the Office of the Comptroller of the Currency (OCC) issued OCC Bulletin 2015-25, subtitled Real Estate Settlement Procedures Act.

OCC BULLETIN 2015-25

Subject: Real Estate Settlement Procedures Act

Description: Revised Comptroller’s Handbook Booklet and Rescissions

Summary

The Office of the Comptroller of the Currency (OCC) issued today the “Real Estate Settlement Procedures Act” booklet of the Comptroller’s Handbook. This revised booklet replaces a similarly titled booklet issued in October 2011 and provides updated information resulting from recent changes made to Regulation X (12 CFR 1024) regarding mortgage servicing and loss mitigation.
 
Note for Community Banks

The “Real Estate Settlement Procedures Act” booklet applies to examinations of all national banks and federal savings associations (collectively, banks) that engage in residential mortgage lending. Specific changes to this booklet are applicable to banks that service mortgage loans and offer loss mitigation programs.
 
Highlights

The “Real Estate Settlement Procedures Act” booklet reflects the

  • transfer of rulemaking authority for Regulation X from the U.S. Department of Housing and Urban Development (HUD) to the Consumer Financial Protection Bureau (CFPB).
  • new requirements relating to mortgage servicing.
  • new loss mitigation procedures.
  • new prohibitions against certain acts and practices by servicers of federally related mortgage loans with regard to responding to borrower assertions of error and requests for information.
  • new examination procedures for determining compliance with the new requirements relating to mortgage servicing.

Background

The Dodd-Frank Wall Street Reform and Consumer Protection Act granted rulemaking authority under the Real Estate Settlement Procedures Act (RESPA) to the CFPB. In December 2011, the CFPB restated HUD’s implementing regulation at 12 CFR 1024.

On January 17, 2013, the CFPB issued a final rule to amend Regulation X. The final rule includes substantive and technical changes to the servicing transfer notice requirements and implements new procedures and notice requirements related to borrower’s error resolution and information requests. The final rule also includes new provisions related to escrow payments, force-placed insurance, and general servicing policies, procedures, and requirements.

On July 10, 2013, and September 13, 2013, the CFPB issued final rules to further amend Regulation X. The new language includes changes to the provisions on the relation to state law for Regulation X’s servicing provisions, to the procedure requirements for loss mitigation, and to the requirements relating to notices of error and information requests. On October 15, 2013, the CFPB issued an interim final rule to further amend Regulation X to exempt servicers from the early-intervention requirements in certain circumstances. The Regulation X amendments became effective on January 10, 2014.

In November 2013, the Federal Financial Institutions Examination Council’s Consumer Compliance Task Force approved the updated interagency examination procedures, which are contained in the revised “Real Estate Settlement Procedures Act” booklet.

The issuance of this booklet rescinds the following documents:

  • OCC Bulletin 2002-3, “Real Estate Settlement Procedures Act: Examiner Guidance—Mark-Up of Settlement Service Fees” (January 15, 2002)
  • OCC Bulletin 2010-35, “Real Estate Settlement Procedures Act: Updated Examination Procedures” (September 9, 2010)
  • OCC Bulletin 2014-7, “Consumer Compliance: Interagency Examination Procedures for Consumer Compliance” (March 14, 2014

The issuance of this booklet makes applicable to federal savings associations the following OCC document:

  • Advisory Letter 1998-15, “Real Estate Settlement Procedures Act (RESPA),
    Escrow Accounts” (September 24, 1998)
     

For further information, contact your supervisory office or the OCC’s Compliance Policy Division at (202) 649 5470.

 Grovetta N. Gardineer
 Deputy Comptroller for Compliance Operations and Policy

Related Link
 “Real Estate Settlement Procedures Act” (PDF)

Please click here to view the online bulletin.

About Safeguard 
Safeguard Properties is the mortgage field services industry leader, preserving vacant and foreclosed properties across the U.S., Puerto Rico, Virgin Islands and Guam. Founded in 1990 by Robert Klein and headquartered in Cleveland, Ohio, Safeguard provides the highest quality service to our clients by leveraging innovative technologies and proactively developing industry best practices and quality control procedures. Consistent with Safeguard’s values and mission, we are an active supporter of hundreds of charitable efforts across the country. Annually, Safeguard gives back to communities in partnership with our employees, vendors and clients. We also are dedicated to working with community leaders and officials to eliminate blight and stabilize neighborhoods. Safeguard is dedicated to preserving today and protecting tomorrow.  Website: www.safeguardproperties.com.

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CEO

Alan Jaffa

Alan Jaffa is the Chief Executive Officer for Safeguard Properties, steering the company as the mortgage field services industry leader. He also serves on the board of advisors for SCG Partners, a middle-market private equity fund focused on diversifying and expanding Safeguard Properties’ business model into complimentary markets.

Alan joined Safeguard in 1995, learning the business from the ground up. He was promoted to Chief Operating Officer in 2002, and was named CEO in May 2010. His hands-on experience has given him unique insights as a leader to innovate, improve and strengthen Safeguard’s processes to assure that the company adheres to the highest standards of quality and customer service.

Under Alan’s leadership, Safeguard has grown significantly with strategies that have included new and expanded services, technology investments that deliver higher quality and greater efficiency to clients, and strategic acquisitions. He takes a team approach to process improvement, involving staff at all levels of the organization to address issues, brainstorm solutions, and identify new and better ways to serve clients.

In 2008, Alan was recognized by Crain’s Cleveland Business in its annual “40-Under-40” profile of young leaders. He also was named a NEO Ernst & Young Entrepreneur Of The Year® Award finalist in 2013.

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Esq., General Counsel and EVP

Linda Erkkila

Linda Erkkila is the General Counsel and Executive Vice President for Safeguard Properties, with oversight of legal, human resources, training, and compliance. Linda’s broad scope of oversight covers regulatory issues that impact Safeguard’s operations, risk mitigation, strategic planning, human resources and training initiatives, compliance, insurance, litigation and claims management, and counsel related to mergers, acquisition and joint ventures.

Linda assures that Safeguard’s strategic initiatives align with its resources, leverage opportunities across the company, and contemplate compliance mandates. She has practiced law for 25 years and her experience, both as outside and in-house counsel, covers a wide range of corporate matters, including regulatory disclosure, corporate governance compliance, risk assessment, compensation and benefits, litigation management, and mergers and acquisitions.

Linda earned her JD at Cleveland-Marshall College of Law. She holds a degree in economics from Miami University and an MBA. Linda was previously named as both a “Woman of Influence” by HousingWire and as a “Leading Lady” by MReport.

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COO

Michael Greenbaum

Michael Greenbaum is the Chief Operating Officer of Safeguard Properties, where he has played a pivotal role since joining the company in July 2010. Initially brought on as Vice President of REO, Mike’s exceptional leadership and strategic vision quickly propelled him to Vice President of Operations in 2013, and ultimately to COO in 2015. Over his 14-year tenure at Safeguard, Mike has been instrumental in driving change and fostering innovation within the Property Preservation sector, consistently delivering excellence and becoming a trusted partner to clients and investors.

A distinguished graduate of the United States Military Academy at West Point, Mike earned a degree in Quantitative Economics. Following his graduation, he served in the U.S. Army’s Ordnance Branch, where he specialized in supply chain management. Before his tenure at Safeguard, Mike honed his expertise by managing global supply chains for 13 years, leveraging his military and civilian experience to lead with precision and efficacy.

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CFO

Joe Iafigliola

Joe Iafigliola is the Chief Financial Officer for Safeguard Properties. Joe is responsible for the Control, Quality Assurance, Business Development, Marketing, Accounting, and Information Security departments. At the core of his responsibilities is the drive to ensure that Safeguard’s focus remains rooted in Customer Service = Resolution. Through his executive leadership role, he actively supports SGPNOW.com, an on-demand service geared towards real estate and property management professionals as well as individual home owners in need of inspection and property preservation services. Joe is also an integral force behind Compliance Connections, a branch of Safeguard Properties that allows code enforcement professionals to report violations at properties that can then be addressed by the Safeguard vendor network. Compliance Connections also researches and shares vacant property ordinance information with Safeguard clients.

Joe has an MBA from The Weatherhead School of Management at Case Western Reserve University, is a Certified Management Accountant (CMA), and holds a bachelor’s degree from The Ohio State University’s Honors Accounting program.

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Business Development

Carrie Tackett

Business Development Safeguard Properties