The amendments are direct to final and non-substantive
The Consumer Financial Protection Bureau (CFPB) has issued technical amendments to the 2013 mortgage servicing rules.
CFPB outlined direct to final amendments to the rules, as well as policy guidance for early compliance with the new rules, which will take effect in October this year.
According to trade publication The M Report, the CFPB considers the correction “non-substantive.”
“The corrections address two typographical errors, the authority citation for Regulation Z, and several amendatory instructions relating to certain official commentary to apply the correct effective date,” the CFPB said.
Another amendment relates to the supervisory and enforcement priorities with respect to the 2016 amendments to the 2013 mortgage servicing rules.
“Some provisions in the 2016 final rule will take effect on October 19, 2017, the remainder will take effect on April 19, 2018,” the CFPB said.
Further, “This non-binding policy guidance addresses early compliance for up to three days preceding each effective date.”
The early compliance guidance was issued to address concerns aired over the midweek effective deadlines for the 2016 Mortgage Servicing Final Rule, the CFPB said.
“If servicers do not have sufficient time to complete … tasks, their systems may be more likely to produce errors, which could expose servicers and consumers to risk,” the CFPB said.
As a response, the CFPB will allow early compliance on the Monday before the effective dates.
The full CFPB report was published at ConsumerFinance.gov.
CFPB outlined direct to final amendments to the rules, as well as policy guidance for early compliance with the new rules, which will take effect in October this year.
According to trade publication The M Report, the CFPB considers the correction “non-substantive.”
“The corrections address two typographical errors, the authority citation for Regulation Z, and several amendatory instructions relating to certain official commentary to apply the correct effective date,” the CFPB said.
Another amendment relates to the supervisory and enforcement priorities with respect to the 2016 amendments to the 2013 mortgage servicing rules.
“Some provisions in the 2016 final rule will take effect on October 19, 2017, the remainder will take effect on April 19, 2018,” the CFPB said.
Further, “This non-binding policy guidance addresses early compliance for up to three days preceding each effective date.”
The early compliance guidance was issued to address concerns aired over the midweek effective deadlines for the 2016 Mortgage Servicing Final Rule, the CFPB said.
“If servicers do not have sufficient time to complete … tasks, their systems may be more likely to produce errors, which could expose servicers and consumers to risk,” the CFPB said.
As a response, the CFPB will allow early compliance on the Monday before the effective dates.
The full CFPB report was published at ConsumerFinance.gov.
