Consumer Financial Protection Bureau Updates
NCP is aware of the changing landscape caused by Section 1420 of the Dodd-Frank Act and its governing agency, the Consumer Financial Protection Bureau (CFPB).
We continue to monitor developments and their effect on our industry. To stay current on this event and other regulatory changes - please visit our site.
For an overview of Section 1420 and a description of the CFPB, please click here.
May 2013 - CFPB releases video presentations of the new mortage rules. Click here for listing.
January 2013 - The CFPB is amending Regulation X, which implements the Real Estate Settlement Procedures Act of 1974, and implementing a commentary that sets forth an official interpretation to the regulation. The CFPB is also amending Regulation Z, which implements the Truth in Lending Act and the official interpretation to the regulation, which interprets the requirements of Regulation Z. These final rules implement provisions of the Dodd-Frank Act regarding mortgage loan servicing.” Read more about the ruling here.
November 2012 - CFPB Gives Lenders More Time On New Mortgage Disclosures. Click here for more details.
October 2012 - Click here to access links to the most recently published documents from the CFPB.
August 2012 - "Putting the 'service' back in 'mortgage servicing," Click here for the full story.
April 2012 - The Consumer Financial Protection Bureau said it will propose new rules for mortgage servicers this summer, with plans to finalize them by next January. Click here for more details.