Summary looks at call for comments
for mortgage servicing rules
April 29, 2016 – A new summary from NASCUS outlines the CFPB’s proposal to reopen the comment period to on a particular aspect of its proposed amendments to certain mortgage servicing provisions under Regulation X and Regulation Z.
Among other things, the NASCUS summary notes, the proposal addresses requiring servicers to provide modified statements under Regulation Z to consumers who have filed for bankruptcy (subject to certain exceptions).
The original comment period for the proposed rule closed on March 16, 2015, the NASCUS summary states. The Bureau conducted consumer testing on the periodic statement forms for consumers in bankruptcy after the close of the comment period. Comments will now be accepted until May 26, 2016.