These final rules implement provisions of the Dodd-Frank Act regarding mortgage loan servicing.
The Reg. X final rule implements servicers’ obligations to correct errors asserted by mortgage borrowers; to provide certain information requested by such borrowers; and to provide protections to such borrowers in connection with force-placed, servicers’ obligations to establish reasonable policies and procedures to achieve certain objectives; to provide information about mortgage loss mitigation.
The Reg. Z final rule implements rate adjustment notices for adjustable-rate mortgages, periodic statements for residential mortgage loans, prompt crediting of mortgage payments, and responses to requests for payoff amounts. amounts.
This rule is effective January 10, 2014.