Text of Rule #1: 2013 Real Estate Settlement Procedures Act (Regulation X)

This is one of two, related final mortgage servicing rules. CFPB issued two separate rules because its authority comes from two different statutes. The “Regulation X” final rule implements parts of the Dodd-Frank Act that cover servicers’ obligations to:

  • correct errors asserted by borrowers;
  • provide certain information requested by borrowers; and
  • provide protections to borrowers in connection with force-placed insurance.

This final rule also addresses servicers’ obligations to:

  • establish reasonable policies and procedures that increase servicer responsiveness and accuracy;
  • provide information about loss mitigation options; and
  • establish policies and procedures for providing borrowers in trouble with continuity of contact with servicer staff; and
  • evaluate borrowers’ applications for available loss mitigation options.

CFPB issued both final rules on January 17, 2013. They will become effective on January 10, 2014.

View the full document as issued. (When the official version is published in the Federal Register, we will post the link here.) The document has the following parts:

  • Preamble summarizing why CFPB is ssuing the rule, its legal authority, the reasoning behind the rule, responses to public comments, and analysis of the benefits, costs, and impacts of the rule
  • Actual text of the rule, which, when effective, will amend the current version of Regulation X
  • Official interpretations of the rule, which provide more detailed explanation of certain sections