Consumer Financial Protection Bureau (CFBP)
The Real Estate Settlement Procedures Act (RESPA) (Regulation X Section 1024 Subpart C) governs “Mortgage Servicing” for all mortgage loans subject to RESPA except: home equity lines of credit, Sections 1024.38-1024.41 do not apply to reverse mortgage transactions and to any servicers considered qualified lenders or small servicers under the regulation (except as described in 1024.31(j)). The purpose of this subpart is to describe required servicing and servicing transfer disclosures. It also covers the rules for requests for information, force-placed insurance, error resolution, and loss mitigation, but those sections will be handled in other training sessions. For now, we will focus on servicing disclosures.
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