From the Archives: July 2013

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:

  1. Loss mitigation procedures under Regulation X’s (RESPA) servicing provisions
  2. 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).
  3. Exemptions available to creditors that operate predominantly in “rural or underserved” areas for purposes under the mortgage regulations.
  4. Application of loan originator compensation rules to tellers and similar staff.
  5. 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.

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