The Consumer Financial Protection Bureau proposed on Monday several amendments to mortgage rules it issued in January 2013 and is requesting public comment on the revisions.
The rules are scheduled for a January 2014 implementation, and the CFPB is seeking to clarify, revise, or amend certain provisions ahead of that date in response to various points of confusion that have been raised along the way.
“When we published our mortgage rules, we pledged to be attentive to issues that arose through the implementation process,” said CFPB Director Richard Cordray in a statement. “Today’s proposal revises and clarifies certain aspects of our rules to ease implementation and to pave the way for more effective consumer protections in the marketplace.”
Modifications have been proposed for several rules relating to loan originator compensation, loss mitigation applications, creditors in rural or underserved areas, and financing of credit insurance premiums, along with several clarifications of dates and definitions.
The comment period on the proposal closes on July 22.
Written by Alyssa Gerace