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The CFPB yesterday released frequently asked questions to help credit unions and other financial institutions implement its 2016 mortgage servicing final rule, which has a compliance deadline of April 19.

The final rule amends certain areas of the bureau's 2013 mortgage servicing rules, including successors in interest, definition of delinquency, requests for information, force-placed insurance notices, early intervention, loss mitigation, prompt payment crediting, periodic statements and more.

NAFCU is offering a webcast Tuesday that will provide details credit unions need to know before the April 19 compliance deadline. More information and registration is available here.

The bureau's FAQs provide detailed explanations on questions related to:

• transaction activity included on bankruptcy periodic statements;
• whether a servicer receives a safe harbor under the Bankruptcy Code by complying with the CFPB's rules;
• when bankruptcy coupon books should be sent;
• how a borrower's bankruptcy reaffirmation affects periodic statement requirements; and
• periodic statement requirements for confirmed successors in interest.

Other CFPB resources on its mortgage servicing rules are available here; NAFCU also has various compliance resources on the issue available to credit unions here.