On August 10th, the Consumer Financial Protection Bureau published for comment two sets of proposed mortgage servicing rules. The first set of rules would amend Regulation Z of the Truth in Lending Act regarding initial rate adjustment notices for adjustable-rate mortgages, periodic statements for residential mortgage loans and prompt crediting of mortgage payments, and response to requests for payoff amounts. Proposed Regulation Z Amendments. The second set of proposed rules would amend Regulation X, which implements the Real Estate Settlement Procedures Act of 1974, and would address seven servicer obligations. Comments on either proposal should be submitted on or before October 9, 2012. Proposed Regulation X Amendments.

In addition, the Bureau is working with the Cornell University e-Rulemaking Initiative to make it easier for the public to comment on the proposed rules through a pilot project called Regulation Room. Regulation Room provides an online environment for people and groups to learn about, discuss, and react to selected rules proposed by federal agencies. Individual contributions to Regulation Room will not become formal public comments on the Bureau's docket, but CFPB expects contributions will be incorporated into a public report prepared by Cornell University researchers and submitted to the CFPB's docket for use in preparation of a final rule. CFPB Press Release (with links to summaries and fact sheets).