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By: April N. Pinder, Esq.

In 2010, the Dodd-Frank Act amended provisions of RESPA (Real Estate Settlement Procedures Act, Regulation X) and TILA (Truth in Lending Act, Regulation Z). The Consumer Financial Protection Bureau (CFPB) issued rules to implement these amendments in 2013.

These rules fall into two general categories: loan origination and mortgage servicing. The dates vary for the loan origination rules, but most are in effect for all applications on or after January 18, 2014. The mortgage servicing rules are effective January 10, 2014.

Loan Origination Rules

Mortgage Servicing Rules

The RESPA rules cover the following topics:

  • Error resolution and information requests (§§ 1024.35 and 1024.36)
  • Force-placed insurance (§ 1024.37)
  • General servicing policies, procedures, and requirements (§ 1024.38)
  • Early intervention with delinquent consumers (§ 1024.39)
  • Continuity of contact with delinquent consumers (§ 1024.40)
  • Loss mitigation (§ 1024.41)

The TILA rules cover the following topics:

  • Interest rate adjustment notices for ARMs (§ 1026.20)
  • Prompt crediting of mortgage payments and responses to requests for payoff amounts (§ 1026.36(c))
  • Periodic statements for mortgage loans (§ 1026.41)

Some noteworthy changes made by the October 2013 Final Rule include:

  • Clarification regarding activities prohibited during the first 120 days of delinquency
  • Updates to Loss Mitigation Rules
    • Outlines procedure for servicers where it is later discovered that a complete loss mitigation application submitted by a consumer is actually missing documentation
    • Provides rights and protections to consumers who submit “facially complete” applications
  • Short-term payment forbearance program
  • Additional information on the interaction between the servicing rules, bankruptcy law and the Fair Debt Collections Practices Act (FDCPA)

Please contact our firm for more information and/or to schedule training on these topics. Additional resources regarding these rules can also be found on the CFPB website.

CFPB Mortgage Rules at a Glance
Mortgage Servicing Rules

California Online Privacy Protection Act

CalOPPA is the first state law in the nation to require commercial websites and online services to post a privacy policy. The law's reach stretches well beyond California to require a person or company in the United States (and conceivably the world) that operates websites collecting personally identifiable information from California consumers to post a conspicuous privacy policy on its website stating exactly the information being collected and those individuals with whom it is being shared, and to comply with this policy. - See more at: http://consumercal.org/california-online-privacy-protection-act-caloppa/#sthash.0FdRbT51.dpuf

According to CalOPPA we agree to the following:
Users can visit our site anonymously
Once this privacy policy is created, we will add a link to it on our home page, or as a minimum on the first significant page after entering our website.
Our Privacy Policy link includes the word "Privacy", and can be easily found on the page specified above.

Users will be notified of any privacy policy changes:

Users are able to change their personal information:

How does our site handle do not track signals?
We honor do not track signals and do not track, plant cookies, or use advertising when a Do Not Track (DNT) browser mechanism is in place.