The Consumer Financial Protection Bureau (“CFPB”) has issued additional resources related to the CFPB’s mortgage servicing rules. The first, a fact sheet, summarizes key issues for small creditors operating in a rural or underserved area. This fact sheet includes information related to verifying small creditors’ official designation under the mortgage servicing rules. This document also links to the new application process that the CFPB recently established for designating a county or census block as rural.
The second resource applies more broadly to creditors of all sizes. The CFPB has issued an easy reference chart that illustrates when a lender is eligible to make different types of qualified mortgages. This resource assimilates a variety of concepts under the mortgage servicing rules, and while not a substitute for Reg Z, the chart is a good starting point.
Should you have questions about the mortgage servicing rules, please contact Spilman.