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CFPB seeks to ease timing requirement under its mortgage servicing rule

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CFPB seeks to ease timing requirement under its mortgage servicing rule

The Consumer Financial Protection Bureau seeks to give servicers more time to provide periodic statements or coupon books related to a consumer's bankruptcy case.

Under the 2016 mortgage servicing final rule, servicers provide consumers with a single-billing-cycle exemption as long as the payment due date for that billing cycle was no more than 14 days after the triggering event. Once the exemption has applied, the servicers would provide the next periodic statement or coupon book within a specific time.

The CFPB is proposing to provide a single-statement exemption, instead of a single-billing-cycle exemption, for the next periodic statement or coupon book that a servicer would have to provide, regardless of when the triggering event occurred. According to the bureau, this would provide servicers with enough time to transition their systems. The Bureau also proposes to remove the specific timing requirement under the 2016 mortgage servicing rule.

The CFPB is seeking comments for the amendments and is proposing that these amendments be effective on April 19, 2018.