What You Need to Know: CFPB's 2024 Reg X Proposed Rule
After much anticipation, the CFPB has finally released its proposal to amend Regulation X.
As expected, this proposal is effectively a complete overhaul of the current loss mitigation regulatory framework, which has been in place since 2014. However, loss mitigation and default servicing aren’t the only topics on the Bureau’s mind. The door is also being opened to a new framework for translated disclosures and additional mandatory services for borrowers with limited English proficiency (LEP).
Given the headaches and challenges that the existing default servicing rules have caused servicers over the last decade, it is hard to understate how important it is that the industry provide the CFPB with meaningful comments, critiques, and suggestions. To kick off the comment period, during the webinar we’ll explain the proposed new loss mitigation and LEP frameworks and provide our initial thoughts on potential legal and operational problem areas within the proposal. Join us on Friday as we begin to tackle this potential new regulatory framework together.
To watch the webinar recording, click here.
