CFPB Requests Information on RESPA Mortgage Servicing Rule

HousingWire writes that the Consumer Financial Protection Bureau (CFPB) issued a Request for Information (RFI) on the Real Estate Settlement Practices Act (RESPA) as amended under Dodd-Frank.

RESPA was implemented in 2013, and Dodd-Frank requires agencies issuing regulations to re-evaluate each major regulation five years after implementation, meaning the CFPB is beginning the process to seek input from stakeholders and the public on the rule. In March, Chris D’Angelo, Associate Director of Division of Supervision at the CFPB, noted that the Bureau was in the process of assessing its mortgage rules to see how they are affecting the market and if they are fulfilling their intended purpose. He also noted at that time that the CFPB would determine if some rules could be tailored to be more effective.

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