As required by the Dodd-Frank Act, the CFPB is conducting an assessment of its RESPA Mortgage Servicing Final Rule, which took effect on January 10, 2014. The assessment will seek to compare servicer and consumer activities and outcomes to a baseline that would exist if the Rule has not been implemented.
Specifically, the CFPB’s assessment plan will examine how well the Servicing Rule has met its purpose of:
- Providing borrowers with timely and understandable information;
- Protecting borrowers from unfair, deceptive, or abusive acts and practices;
- Helping borrowers avoid unwarranted or unnecessary costs and fees; and
- Facilitating review for foreclosure avoidance options.
The CFPB is requesting comments on the assessment plan and is inviting stakeholders to comment on:
- The feasibility and effectiveness of the assessment plan and its proposed metrics and analytical methods for assessing the effectiveness;
- Data and other factual information that may be useful for executing the plan;
- Recommendations, data, factual information and sources of data to improve the plan;
- Data and other factual information about the benefits and costs of the rule for stakeholders, and the effects of the rule on transparency, efficient access and innovation in the mortgage market; Data and other factual information about the rule’s effectiveness in meeting the purposes and objectives of Dodd Frank; and
- Recommendations for modifying, expanding or eliminating the Mortgage Servicing Rule.
Comments are due on or before July 10, 2017. A report of the assessment will be issued by January 2019.