On August 4, 2016, the Consumer Financial Protection Bureau (“Bureau”) issued a comprehensive 900-page final rule (“2016 Mortgage Servicing Rule” or “Final Rule”) that amends the mortgage servicing rules under the Real Estate Settlement Procedures Act (“Regulation X”) and the Truth in Lending Act (“Regulation Z”) (together, the “Mortgage Servicing Rules”). The 2016 Mortgage Servicing Rule adds significant new requirements and complexities to residential mortgage servicers’ compliance obligations. This White Paper addresses and summarizes some of the key aspects of the Final Rule.
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