Notice of Assessment of 2013 RESPA Servicing Rule

The Consumer Financial Protection Bureay (CFPB or Bureau) has issued a Notice of Assessment of 2013 RESPA Servicing Rule and Request for Public Comment  The Bureau is conducting an assessment of the Mortgage Servicing Rules Under the Real Estate Settlement Procedures Act (Regulation X), as amended prior to January 10, 2014, in accordance with section 1022(d) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Bureau is requesting public comment on its plans for assessing this rule as well as certain recommendations and information that may be useful in conducting the planned assessment. 

Specifically, the CFPB seeks comment on the following items: 

  1. Comments on the feasibility and effectiveness of the assessment plan, the objectives of the 2013 RESPA Servicing Rule that the Bureau intends to emphasize in the assessment, and the outcomes, metrics, baselines, and analytical methods for assessing the effectiveness of the rule; 

  1. Data and other factual information that may be useful for executing the Bureau's assessment plan; 

  1. Recommendations to improve the assessment plan, as well as data, other factual information, and sources of data that would be useful and available to execute any recommended improvements to the assessment plan; 

  1. Data and other factual information about the benefits and costs of the rule for consumers, servicers, and others in the mortgage industry; and about the effects of the rule on transparency, efficiency, access, and innovation in the mortgage market; 

  1. Data and other factual information about the rule's effectiveness in meeting the purposes and objectives of title X of the Dodd-Frank Act (section 1021); and 

  1. Recommendations for modifying, expanding or eliminating the 2013 RESPA Servicing Rule. 

 

CUNA Detailed Summary Read summary here
Comment to CUNA Staff Provide feedback here
Agency/Entity Consumer Financial Protection Bureau
Agency Comment Deadline 07/10/2017
Important Date(s)

Comments are due to the CFPB by July 10, 2017.

CUNA Contact

Andy Price