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Comment Period for Amendments to CFPB’s TILA/RESPA Rules Open Until March 16

hands-writing1 [1]The commenting period for the proposed amendments to the Consumer Financial Protection Bureau (CFPB [2])'s TILA/RESPA rules is open until March 16 [3], according to the Federal Register website.

The proposed amendments were first published in the Federal Register [3] on December 15. CFBP's mortgage rules were first proposed in 2013 and went into effect in January 2014; the proposed amendments to the rules are under the Real Estate Settlement Procedures Act (Regulation X, or REPSA) and the Truth in Lending Act (Regulation Z, or TILA).

"These proposed amendments focus primarily on clarifying, revising, or amending provisions regarding force-placed insurance notices, policies and procedures, early intervention, and loss mitigation requirements under Regulation X's servicing provisions; and periodic statement requirements under Regulation Z's servicing provisions," the rule states on the Federal Register site. "The proposed amendments also address proper compliance regarding certain servicing requirements when a consumer is a potential or confirmed successor in interest, is in bankruptcy, or sends a cease communication request under the Fair Debt Collection Practices Act."

Noteworthy proposed amendments include:

Interested parties may submit a comment on the proposed amendments by visiting www.regulations.gov [4] or emailing FederalRegisterComments@cfpb.gov [5] and putting CFPB-2014-0033 AND/OR RIN 3170-AA49 [6] in the subject line of the email. The amendments were reportedly conceived based on feedback received from mortgage servicers. According to a report from JD Supra [7], more than 40 comments had been submitted as of February 17.