Waivers Granted for Early Compliance with Servicing Rules

Posted To: MND NewsWire

The Consumer Financial Protection Bureau (CFPB) says it has learned that some servicers anticipate some calendar-related problems in complying with the final rule amending mortgage servicing regulations that were issued by the Bureau last August. Some of the changes to Regulations X and Z are schedule to go into effect on October 19, 2017 and the remainder on April 19, 2018. Both effective dates fall on a Thursday. This leaves servicers less than a full day in each case, from the close of business on the preceding Wednesday to the start of the day on Thursday, to update and test systems to assure compliance on the effective day of the changes. CFPB said it understood that, if servicers do not have sufficient time to complete these tasks, their systems may be more likely to produce errors and...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

from Mortgage News Daily http://ift.tt/2tkWnLX