CFPB Issues Technical Corrections To Mortgage Servicing Rule

WASHINGTON—The CFPB has issued technical, non-substantive corrections to its 2016 mortgage servicing final rule and non-binding policy guidance relating to a three-day period of early compliance.
The technical changes correct two typographical errors, the authority citation for Regulation Z, and several amendatory instructions relating to certain official commentary to apply the correct effective date, NAFCU reported.
“In the non-binding policy guidance, the CFPB states that it does not intend to take supervisory or enforcement action for violations of existing Regulation X or Regulation Z resulting from a servicer’s compliance with the 2016 Mortgage Servicing Final Rule occurring up to three days before the applicable effective dates,” explained NAFCU.
The Bureau explained that for those amendments taking effect Oct. 19, the period of Oct. 16-18 would be covered in this three-day window; and April 16-18, 2018, for the amendments taking effect April 19, 2018.
NAFCU noted that in 2016 the CFPB issued its final rule amending certain mortgage servicing rules issued by the Bureau in 2013. Most of the rule’s requirements will go into effect on Oct. 19, 2017, the trade association added.