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)

The record

Jurisdiction

United States (mortgage servicers)

Level

Federal

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)

Issued

2021-06-25 June 25, 2021

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temporary procedural safeguards on first foreclosure notices or filings ran through Dec. 31, 2021 (§ 1024.41(f)(3)); rescinded 2025 (90 Fed.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) (read as 2021-12-31)

In force

Aug. 31, 2021 to Dec. 31, 2021

Quarters

2021 Q3

2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3

Limitation types

Courts and public officesOther

Addressees

• servicers of federally related mortgage loans secured by the borrower's principal residence

Functions reached

• SV foreclosure referrals barred absent the procedural safeguards from Aug. 31 through Dec. 31, 2021 (a Q3 2021 instrument)
• ML

Collection

Federal commerce, travel, workplace and finance layer FED-B

Operative words

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

Notes