CFPB Issues Mortgage Servicing Proposals
Written by Steve Van Beek
Editor's Note: Â Today's regularly scheduled post was bumped to Monday to provide the latest from the CFPB. Â
The Good News. Â The CFPB has added a search bar to their website. Â
The Bad News. Â The CFPB issued two mortgage servicing proposed rules today - one under Regulation Z (TILA) and the other under Regulation X (RESPA). Â The comment period will end October 9, 2012 and the CFPB intends to finalize these rules by January 21, 2013. Â
The Reg Z (TILA) proposal clocks in at 178-pages and the Reg X (RESPA) proposal clocks in at 250-pages. Â Small in comparison, you might say. Â Well, the CFPB seems to be feeling the heat for their massive proposals as they stopped using double-spacing.Â
The CFPB also released additional documents:
- A 7-page Summary of the Proposals;
- A 4-page Fact Sheet;
- Report of the SBREFA Panel; and
- Summary of Design and Testing Findings.
And, NAFCU's Regulatory Affairs team will be drafting Regulatory Alerts on both proposals for NAFCU members. Â
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You may be banging your head on your desk scratching your head wondering how you can keep up.  We'll do our best to help - including two upcoming education events. Â
Seminar. Â Our Compliance Seminar - October 23-26 in Seattle - will have sessions on the TILA/RESPA proposal, the remittances final rule and these latest mortgage servicing proposals. Â Sign up by August 31st and Save $100.
September 5th Mortgage Webcast. Â Additionally, on September 5th I'll be doing a NAFCU webcast titled "Inside the CFPB's Mortgage Proposals." Â I'll dive into the details of the TILA/RESPA proposal (including the potential change to finance charges and the APR), the HOEPA/high-cost proposal as well as the new mortgage servicing proposal. Â Sign up by August 29th to Save $100. Â Also, the webcast is currently slated for 1.5 hours but we'll definitely going much longer than that given the amount of material to cover. Â Â
Have a great weekend everyone! Â Â