WASHINGTON—The CFPB has released frequently asked questions to help credit unions and other financial institutions implement its 2016 mortgage servicing final rule, which has a compliance deadline of April 19.
The final rule amends certain areas of the Bureau's 2013 mortgage servicing rules, including successors in interest, definition of delinquency, requests for information, force-placed insurance notices, early intervention, loss mitigation, prompt payment crediting, periodic statements and more.
NAFCU noted that the Bureau's FAQs provide detailed explanations on questions related to:
- Transaction activity included on bankruptcy periodic statements
- Whether a servicer receives a safe harbor under the Bankruptcy Code by complying with the CFPB's rules
- When bankruptcy coupon books should be sent
- How a borrower's bankruptcy reaffirmation affects periodic statement requirements
- Periodic statement requirements for confirmed successors in interest