CFPB releases FAQs on bankruptcy issues under the 2016 Mortgage Servicing Final Rule

Agency Rule-Making & Guidance CFPB Mortgage Servicing Bankruptcy Consumer Finance Regulation Z Regulation X

On March 20, the CFPB released updated FAQs to support the implementation of the 2016 Mortgage Servicing Final Rule. Specifically, the updated FAQs pertain to the mortgage-servicing provisions regarding bankruptcy, which are effective April 19. The CFPB released ten bankruptcy-related question and answers. The bankruptcy topics include periodic statements, coupon books, reaffirmation, successors in interest, and timing of compliance.

As previously covered by InfoBytes, the CFPB recently issued a final rule updating technical aspects of the upcoming periodic statement requirements for borrowers in bankruptcy under Regulation Z.