Reg X

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The CFPB recently made filings with the Office of Management and Budget (OMB) regarding the following rules:

  • Loan Originator Compensation Requirements Under the Truth in Lending Act (Regulation Z).
  • Discretionary Servicing Rules under the Real Estate Settlement Procedures Act (Regulation X).
  • Discretionary Mortgage Servicing Rules Under the Truth in Lending Act (Regulation Z).
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On December 18, 2020, the CFPB announced a consent order with Seterus, Inc. (Seterus), and its successor-in-interest, Kyanite Services, Inc. (Kyanite), based on findings of mortgage servicing violations.

The consent order alleges the following violations by Seterus while it was in operation:

  • Unfair acts or practices for failing to accurately review, process, track, and communicate to borrowers information regarding their loss mitigation applications;
  • Deceptive acts or practices by sending loss mitigation application acknowledgement notices that (1) misrepresented the status of borrower application documents as received or missing, and (2) provided inaccurate due dates for submission of borrower application documents;
  • Violations of the loss mitigation rules in Regulation X (12 C.F.R.
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