CFPB Consumer
Laws and Regulations RESPA
CFPB April 2015 RESPA 2
implementing regulations.
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In December 2011, the CFPB restated HUD’s implementing
regulation at 12 CFR Part 1024 (76 Fed. Reg. 78978) (December 20, 2011).
On January 17, 2013, the CFPB issued a final rule to amend Regulation X (78 Fed. Reg. 10695)
(February 14, 2013). The final rule implemented certain provisions of Title XIV of the Dodd-
Frank Act and included substantive and technical changes to the existing regulations. Substantive
changes included modifying the servicing transfer notice requirements and implementing new
procedures and notice requirements related to borrowers’ error resolution requests and
information requests. The amendments also included new provisions related to escrow payments,
force-placed insurance, general servicing policies, procedures, and requirements, early
intervention, continuity of contact, and loss mitigation. The amendments are effective as of
January 10, 2014.
On July 10, 2013, September 13, 2013, and October 22, 2014, the CFPB issued final rules to
further amend Regulation X (78 Fed. Reg. 44685) (July 24, 2013), (78 Fed. Reg. 60381)
(October 1, 2013), and (79 Fed. Reg. 65299) (November 3, 2014). The final rules included
substantive and technical changes to the existing regulations, including revisions to provisions on
the relation to State law of Regulation X’s servicing provisions, to the loss mitigation procedure
requirements, 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 (78 Fed.
Reg. 62993) (October 23, 2013) to exempt servicers from the early intervention requirements in
certain circumstances. The Regulation X amendments are effective as of January 10, 2014.
The amendments issued on January 17, 2013; July 10, 2013; September 13, 2013; October 15,
2013; and October 22, 2014 are collectively referred to in this document as the “2013-2014
Amendments.”
On December 31, 2013, the CFPB published final rules implementing Sections 1098(2) and
1100A(5) of the Dodd-Frank Act, which direct the CFPB to publish a single, integrated
disclosure for mortgage transactions, which includes mortgage disclosure requirements under the
and Truth in Lending Act (TILA) and sections 4 and 5 of RESPA. These amendments are
referred to in this document as the “TILA-RESPA Integrated Disclosure Rule” or “TRID,” and
are applicable to covered closed-end mortgage loans for which a creditor or mortgage broker
receives an application on or after August 1, 2015. As a result, Regulation Z now houses the
integrated forms, timing, and related disclosure requirements for most closed-end consumer
mortgage loans.
The new integrated disclosures are not used to disclose information about reverse mortgages,
home equity lines of credit (HELOCs), chattel-dwelling loans such as loans secured by a mobile
home or by a dwelling that is not attached to real property (i.e., land), or other transactions not
covered by the TILA-RESPA Integrated Disclosure rule. The final rule also does not apply to
loans made by a creditor who makes five or fewer mortgages in a year. Creditors originating
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Dodd-Frank Act Secs. 1002(12)(M), 1024(b)-(c), and 1025(b)-(c); 1053; 12 U.S.C. 5481(12)(M), 5514(b)-(c), and 5515 (b)-(c).