CFPB REQUEST FOR COMMENT: Amendments to 2013 Mortgage Rules
The CFPB published a proposed rule amending certain mortgage rules issued in January. The amendments focus on clarifying, revising or amending provisions on:
- Loss mitigation procedures under Regulation X’s (RESPA) servicing provisions
- Amounts counted as loan originator compensation to retailer of manufactured homes and their employees for purposes of applying points and fees thresholds under HOEPA and qualified mortgage rules in Regulation Z (Truth in Lending).
- Exemptions available to creditors that operate predominantly in “rural or underserved” areas for purposes under the mortgage regulations.
- Application of loan originator compensation rules to tellers and similar staff.
- The prohibition on creditor-financed credit insurance.
Also in this proposal the CFPB is proposing to adjust the effective dates for certain provisions of the loan originator compensation rules.
A copy of the proposal and request for comment can be found here.