Exec summary outlines mortgage servicing rule amendments
Dec. 22, 2016 -- An executive summary of amendments to certain mortgage servicing provisions under Regulation Z issued by CFPB this fall – as well as an interpretive rule under the Fair Debt Collection Practices Act (FDCPA), relating to servicers’ compliance with certain mortgage servicing provisions – has been developed and posted by NASCUS.
The summary notes that the majority of the rule’s provisions become effective on Oct. 19, 2017. However, a number of other provisions become effective on April 19, 2018. Additionally, the summary notes that it provides a “high level synopsis” of the mortgage servicing rule changes.
Overall, the summary outlines changes in nine different areas that were made in the 242-page final rule, and the five-page interpretive rule under FDCPA.