The CFPB Mortgage Servicing Rule Amendments were published in the Federal Register yesterday, starting the clock for the effective date of the amended provisions. Most of the provisions are effective on October 19, 2017. The provisions related to successors in interest and periodic statements for borrowers in bankruptcy are effective on April 19, 2018. The published servicing rule amendments can be found here.
The CFPB’s accompanying FDCPA Interpretive Rule was also published in the Federal Register yesterday. As with the servicing rule amendments, the provisions are generally effective on October 19, 2017, and the provisions applicable to successors in interest are effective April 19, 2018. The published interpretive rule can be found here.
For details regarding the Mortgage Servicing Rule Amendments and the FDCPA Interpretive Rule, please see our previous blog post.