{"id":"FED-344","kind":"order","level":"federal","jurisdiction":"United States (mortgage servicers)","state":"","metro":"","industry":"","agency":"","eco":"","issuer":"Bureau of Consumer Financial Protection","authority":"RESPA, 12 U.S.C. § 2605(f), (j)(3), (k)(1)(E); Regulation X, 12 C.F.R. §§ 1024.39, 1024.41(f)(3)","instrument":"Protections for Borrowers Affected by the COVID-19 Emergency Under the Real Estate Settlement Procedures Act (RESPA), Regulation X (final rule), 86 Fed. Reg. 34848 (June 30, 2021)","title":"Protections for Borrowers Affected by the COVID-19 Emergency Under RESPA, Regulation X","dateIssued":"2021-06-25","effective":"2021-08-31","end":"temporary procedural safeguards on first foreclosure notices or filings ran through Dec. 31, 2021 (§ 1024.41(f)(3)); rescinded 2025 (90 Fed. Reg. 20791)","startDate":"2021-08-31","endDate":"2021-12-31","quarters":["2021Q3"],"types":["OTHER","CRT"],"addressees":["servicers of federally related mortgage loans secured by the borrower\u0027s principal residence"],"clause":"SUMMARY: The Bureau of Consumer Financial Protection (Bureau) is issuing this final rule to amend Regulation X to assist mortgage borrowers affected by the COVID-19 emergency. The final rule establishes temporary procedural safeguards to help ensure that borrowers have a meaningful opportunity to be reviewed for loss mitigation before the servicer can make the first notice or filing required for foreclosure on certain mortgages. In addition, the final rule would temporarily permit mortgage servicers to offer certain loan modifications made available to borrowers experiencing a COVID-19-related hardship based on the evaluation of an incomplete application.... DATES: This final rule is effective on August 31, 2021.","enforcement":"Regulation X; CFPB supervision and enforcement; private right of action under RESPA § 6(f)","functions":["SV foreclosure referrals barred absent the procedural safeguards from Aug. 31 through Dec. 31, 2021 (a Q3 2021 instrument)","ML"],"notes":"The federal rule that took effect inside 2021 Q3 to stop a wave of foreclosure referrals when the agency moratoria ended July 31, 2021.","sourceUrl":"https://www.govinfo.gov/content/pkg/FR-2021-06-30/pdf/2021-13964.pdf","snapshot":"","fileExists":true,"fileBytes":832239,"grade":"primary","character":"","description":"","collection":"FED-B","url":"/library/FED-344","exhibitUrl":"/exhibit/FED-344","citation":"Bureau of Consumer Financial Protection, Protections for Borrowers Affected by the COVID-19 Emergency Under the Real Estate Settlement Procedures Act (RESPA), Regulation X (final rule), 86 Fed. Reg. 34848 (June 30, 2021) (June 25, 2021) (Ex. FED-344)","stateName":"","related":["FED-365"]}