CFPB provides additional intel on QM, servicing rules
The Consumer Financial Protection Bureau launched several proposals to help clarify key parts of the qualified mortgage rule and the bureau’s national servicing rules.
The consumer agency said it proposed clarifications to help shore up the final 2013 escrow rule. In addition, the agency launched another proposal to address any lingering questions related to the QM and CFPB-initiated servicing rules.
"These proposals are part of our commitment to facilitate implementation of the rules issued in January under the Dodd-Frank Act," the agency said. "We at the bureau believe that we have a responsibility not just to write a rule, but to see that it is implemented effectively. This proposal will be published in the Federal Register soon. It will be open for comment for 30 days from the day of publication."
The proposal on servicing further discusses when small servicing operations will be exempted from new RESPA and Truth in Lending Act rules, according to the CFPB (Read more here).
The servicing proposal also highlights which loans may qualify for an exemption and goes into exceptions that may surface when complex relationships involving servicers, affiliates, master servicers and subservicers exist.