On September 17, 2012, the Consumer Financial Protection Bureau (CFPB) published in the Federal Register (77 FR 57318) the following proposed rule: “2012 Truth in Lending Act (Regulation Z) Mortgage Servicing”. The proposed rule’s comment period ends on October 9, 2012. Specifically, this proposed rule adds provisions to Regulation Z that would address three servicer obligations, as follows: – revise provisions relating to initial rate adjustment notices for adjustable-rate mortgages (ARMs); – add provisions relating to periodic statements for residential mortgage loans, – revise provisions relating to prompt crediting of mortgage payments and response to requests for payoff amounts; and – revise provisions relating to the scope, timing, content, and format of current disclosures to consumers occasioned by the interest rate adjustments of their variable-rate transactions
