ABA released new resources to help banks understand recent changes to the CFPB’s mortgage servicing and escrow rules that take effect in January.
One resource outlines the mortgage servicing rules’ changes to Regulations Z and X, covering force-placed insurance, error resolution, early intervention and subsequent contact with delinquent borrowers, loss mitigation, billing statements, interest rate adjustment notices and prompt crediting. It is accompanied by an at-a-glance guide that includes small-servicer exemptions.
The second resource examines changes to the escrow requirement for costlier mortgage loans, including the rule’s general provisions and special exemptions.
Read ABA’s outline of the mortgage servicing rule.
View ABA’s servicing rule-at-a-glance.
Read ABA’s analysis of escrow requirements.
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