Our November 24, 2014 memorandum is hereby revised to reflect that on December 15, 2014, the Consumer Financial Protection Bureau (CFPB) published in the Federal Register (79 FR 74176) its proposed rule (click here) proposing amendments to the Mortgage Servicing Rules (MSR) under Regulation X (12 CFR part 1024) and Regulation Z (12 CFR part 1026). The CFPB also issued a seven page summary of these proposed amendments (click here). You may submit comments on the proposed rule, identified by Docket No. CFPB-2014-0033 or RIN 3170-AA49, by any of the following methods: • Federal eRulemaking Portal: http://www.regulations.gov. Follow the instructions for submitting comments. • Email: FederalRegisterComments@cfpb.gov. Include CFPB-2014-0033 and/or RIN 3170-AA49 in the subject line of the message. • Mail: Monica Jackson, Office of the Executive Secretary, Consumer Financial Protection Bureau, 1700 G Street, NW, Washington, DC 20552. • Hand Delivery/Courier: Monica Jackson, Office of the Executive Secretary, Consumer Financial Protection Bureau, 1275 First Street, NE, Washington, DC 20002. All comments must include the CFPB name and above docket number or RIN and must be received by the CFPB on or before March 16, 2015. The proposed rule covers the following nine major topics: (1) successors in interest, (2) definition of delinquency, (3) requests for information, (4) force-placed insurance, (5) early intervention, (6) loss mitigation, (7) prompt payment crediting, (8) periodic statements, and (9) small servicer. It also amends and adds model forms in Regulation X and Regulation Z relating to the MSR.
