CFPB updates mortgage servicing guide for small entities

The CFPB on Wednesday issued an updated compliance guide regarding mortgage servicing rules for small entities.

The updates specifically focus on the 2013 and 2016 Mortgage Servicing Rules, the 2020 Mortgage Servicing COVID-19 Interim Final Rule and the 2021 Mortgage Servicing COVID-19 Rule.

Specifically, the guide:

  • highlights issues that small creditors and those that work with them might find helpful to consider when implementing the rules; and
  • specifies deviations from the 2013 and 2016 Mortgage Servicing Rules that are applicable in the limited and temporary circumstances of the 2020 Mortgage Servicing COVID-19 Interim Final Rule and the 2021 Mortgage Servicing COVID-19 Rule.

The small entity compliance guide, Real Estate Settlement Procedures Act (Regulation X) and Truth in Lending Act (Regulation Z) Mortgage Servicing Rules, is available on the CFPB website.

Leave a Reply