In the September 17, 2012 issue of the Federal Register (77 FR 57200), the Bureau of Consumer Financial Protection (CFPB) published a proposed rule that would amend Regulation X (RESPA) to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) provisions regarding mortgage loan servicing. Specifically, this proposed rule adds provisions to Regulation X that would address servicer obligations and would also modify and streamline certain existing servicing related provisions of Regulation X, as follows: • add provisions to correct errors asserted by mortgage loan borrowers; • add provisions to provide information requested by mortgage loan borrowers; • add provisions to ensure that a reasonable basis exists to obtain force-placed insurance; • add provisions to establish reasonable information management policies and procedures; • add provisions to provide information about mortgage loss mitigation options to delinquent borrowers; • add provisions to provide delinquent borrowers access to servicer personnel with continuity of contact about the borrower’s mortgage loan account; • add provisions to evaluate borrowers’ applications for available loss mitigation options;
