CFPB Proposes Amendments to Mortgage Servicing Rules Under RESPA and TILA

CFPB

On April 26, the CFPB published a proposed rule regarding potential amendments to certain mortgage servicing provisions in RESPA (Regulation X) and TILA (Regulation Z). The recently issued proposed rule reopens the comment period of a December 2014 CFPB proposal that would require mortgage servicers to “provide modified periodic statements under Regulation Z to consumers who have filed for bankruptcy, subject to certain exceptions.” Since the December 2014 proposal, the CFPB has conducted consumer testing of sample periodic statement forms for consumers in bankruptcy. The CFPB is reopening the comment period until May 26, 2016 to “seek comment specifically on the report summarizing consumer testing of sample periodic statement forms for consumers in bankruptcy.”