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Real Estate Settlement Procedures Act

The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) made significant changes to the federal consumer protection laws for residential mortgage loans, including the Real Estate Settlement Procedures Act (RESPA) and the Truth In Lending Act (TILA).

In 2013, the Bureau of Consumer Financial Protection (Bureau) issued comprehensive mortgage servicing rules under Regulation X (implementing RESPA) and Regulation Z (implementing TILA) (together, the 2013 Rules). Since 2013, the Bureau has issued numerous amendments to and interpretations of the 2013 Rules, most recently the sweeping revisions published on October 16, 2016 (the 2016 Amendments). The 2016 Amendments went into effect in October 2017 and April 2018. We refer to these rules in their current form as the Mortgage Servicing Rules.

ABA has consistently expressed concern that the Bureau’s Mortgage Servicing Rules exceed the mandates of the Dodd-Frank Act, are unnecessarily complex and burdensome, and impede the ability of banks to provide high quality servicing to borrowers in the communities they serve.

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