Written by Steve Van Beek
A couple weeks back, we looked at finding the new homeownership counseling disclosure requirements in the Electronic Code of Federal Regulations (e-CFR). Now that all the final rules have been published, I thought it would be good to link to all the new and amended regulatory texts so that you have a central location for finding the future regulatory language.
Note: Below are links to the major changes - but there are tons of other little changes and tweaks to other sections of Regulation Z and Regulation X. Additionally, some of the link names have the same citations but they go to a different regulatory text. For example, there are numerous links to "Appendix I" but they all go to different staff commentary.
Regulation Z (Truth in Lending Act) - 12 CFR 1026
- New Interest-Rate Adjustment Notices - 12 CFR 1026.20
- New Points & Fees Test - Closed-end Credit - 12 CFR 1026.32
- New High-Cost APR Thresholds & Expansion of High-Cost to Open-end Credit - 12 CFR 1026.32
- New Prohibitions & Requirements for High-Cost Mortgages - 12 CFR 1026.34
- Changes to Escrow Requirement for Higher-Priced Mortgage Loans - 12 CFR 1026.35
- New Appraisal Requirements for Higher-Priced Mortgage Loans - 12 CFR 1026.35
- New Negative Amortization Counseling Requirement - 12 CFR 1026.36(k)
- Changes to Prompt Payment Crediting & Payoff Statements - 12 CFR 1026.36(c)
- New Mortgage Loan Originator Compensation, Qualifications, Training, Disclosures & More - 12 CFR 1026.36
- Periodic Statements for Mortgage Loans - 12 CFR 1026.41
- Ability-to-Repay Requirements & Qualified Mortgage Standards - 12 CFR 1026.43
Appendices to Regulation Z
- New Model Forms for Adjustable-Rate Mortgages and Periodic Statements - Appendix H
- Higher-Priced Mortgage Loan Appraisal Safe Harbor Review - Appendix N
- Illustrative Written Source Documents for HPML Appraisal Rules - Appendix O
- Standards for Determining Monthly Debt and Income - Appendix Q
Official Staff Commentary to Regulation Z - Appendix I
- New Staff Commentary for Points & Fees Test; Ability-to-Repay Requirements & Qualified Mortgage Standards - Appendix I
- New Staff Commentary for High-Cost Mortgages; Negative Amortization Counseling Requirement - Appendix I
- New Staff Commentary for Appraisals on Higher-Priced Mortgage Loans - Appendix I
- New Staff Commentary for ARM notices; Payment Crediting & Payoff Statements; and Periodic Statements - Appendix I
- New Staff Commentary for Mortgage Loan Originator Requirements (all of them) - Appendix I
Regulation X (Real Estate Settlements Procedures Act) - 12 CFR 1024
- Changes to Escrow Accounts - 12 CFR 1024.17
- New Homeownership Counseling Disclosure - 12 CFR 1024.20
New Subpart C to 12 CFR 1024
The CFPB reorganized Regulation X - including a new Subpart C with Mortgage Servicing Requirements. Sections 1024.30 through 1024.41 can all be found at this link. Below are the new sections under Subpart C:
Subpart C—Mortgage Servicing
1024.32 General disclosure requirements.
1024.33 Mortgage servicing transfers.
1024.34 Timely escrow payments and treatment of escrow account balances.
1024.35 Error resolution procedures.
1024.36 Requests for information.
1024.37 Force-placed insurance.
1024.38 General servicing policies, procedures, and requirements.
1024.39 Early intervention requirements for certain borrowers.
1024.40 Continuity of contact.
1024.41 Loss mitigation procedures.
The language of those new sections is available here.
Appendices to Regulation X
- New Model Language for Force-placed Insurance Notices - Appendix MS-3
- New Model Language for Early Intervention; Loss Mitigation; and Housing Counselor Notices - Appendix MS-4
- Official Bureau Interpretations to Reg X - Supplement I (link goes to Federal Register)
Wow - that is a lot of links and a long blog post. I know I've been running down some rabbit holes in my research and I'm sure some blog readers have as well. Hopefully this blog post helps organize the confusion. A bit. Have a great weekend!