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Mortgage Servicing and Loan Modifications: 12 U.S.C. § 2610. Prohibition of fees for preparation of truth-in-lending, uniform settlement, and escrow account statements

No fee shall be imposed or charge made upon any other person (as a part of settlement costs or otherwise) by a lender in connection with a federally related mortgage loan made by it (or a loan for the purchase of a mobile home), or by a servicer (as the term is defined under section 2605(i) of this title), for or on account of the preparation and submission by such lender or servicer of the statement or statements required (in connection with such loan) by sections 2603 and 2609(c) of this title or by the Truth in Lending Act [15 U.S.C.A. § 1601 et seq.].

Mortgage Servicing and Loan Modifications: 12 U.S.C. § 2614. Jurisdiction of courts; limitations

Any action pursuant to the provisions of section 2605, 2607, or 2608 of this title may be brought in the United States district court or in any other court of competent jurisdiction, for the district in which the property involved is located, or where the violation is alleged to have occurred, within 3 years in the case of a violation of section 2605 of this title and 1 year in the case of a violation of section 2607 or 2608 of this title from the date of the occurrence of the violation, except that actions brought by the Bureau, the Secretary, the Attorney General of

Mortgage Servicing and Loan Modifications: 12 U.S.C. § 2616. State laws unaffected; inconsistent Federal and State provisions

This chapter does not annul, alter, or affect, or exempt any person subject to the provisions of this chapter from complying with, the laws of any State with respect to settlement practices, except to the extent that those laws are inconsistent with any provision of this chapter, and then only to the extent of the inconsistency. The Bureau is authorized to determine whether such inconsistencies exist.

Mortgage Servicing and Loan Modifications: 12 C.F.R. § 1024.1 Designation.

This part, known as Regulation X, is issued by the Bureau of Consumer Financial Protection to implement the Real Estate Settlement Procedures Act of 1974, as amended, 12 U.S.C. § 2601 et. seq.

[76 Fed. Reg. 44,242 (July 22, 2011); 76 Fed. Reg. 78,981 (Dec. 20, 2011); 78 Fed. Reg. 10,873 (Feb. 14, 2013); 78 Fed. Reg. 44,717; 81 Fed. Reg. 25,325 (Apr. 28, 2016)]

Mortgage Servicing and Loan Modifications: 12 C.F.R. § 1024.3 E-Sign applicability.

The disclosures required by this part may be provided in electronic form, subject to compliance with the consumer consent and other applicable provisions of the Electronic Signatures in Global and National Commerce Act (E-Sign Act) (15 U.S.C. §§ 7001 et seq.).

[76 Fed. Reg. 44,242 (July 22, 2011); 76 Fed. Reg. 78,981 (Dec. 20, 2011); 78 Fed. Reg. 10,873 (Feb. 14, 2013); 78 Fed. Reg. 44,717 (July 24, 2013); 78 Fed. Reg. 69,753 (Nov. 21, 2013); 81 Fed. Reg. 25,325 (Apr. 28, 2016)]

Mortgage Servicing and Loan Modifications: 12 C.F.R. § 1024.4 Reliance upon rule, regulation, or interpretation by the Bureau.

(a) Rule, regulation or interpretation.

(1) For purposes of sections 19(a) and (b) of RESPA (12 U.S.C. § 2617(a) and (b)), only the following constitute a rule, regulation or interpretation of the Bureau:

(i) All provisions, including appendices and supplements, of this part. Any other document referred to in this part is not incorporated in this part unless it is specifically set out in this part;

Mortgage Servicing and Loan Modifications: 12 C.F.R. § 1024.11 Mailing.

The provisions of this part requiring or permitting mailing of documents shall be deemed to be satisfied by placing the document in the mail (whether or not received by the addressee) addressed to the addresses stated in the loan application or in other information submitted to or obtained by the lender at the time of loan application or submitted or obtained by the lender or settlement agent, except that a revised address shall be used where the lender or settlement agent has been expressly informed in writing of a change in address.

Mortgage Servicing and Loan Modifications: 12 C.F.R. § 1024.12 No fee.

No fee shall be imposed or charge made upon any other person, as a part of settlement costs or otherwise, by a lender in connection with a federally related mortgage loan made by it (or a loan for the purchase of a manufactured home), or by a servicer (as that term is defined under 12 U.S.C. § 2605(i)(2)) for or on account of the preparation and distribution of the HUD-1 or HUD-1A settlement statement, escrow account statements required pursuant to section 10 of RESPA (12 U.S.C. § 2609), or statements required by the Truth in Lending Act (15 U.S.C. § 1601 et seq.).

Mortgage Servicing and Loan Modifications: Section 1024.17(a) through (c)

(a) General. This section sets out the requirements for an escrow account that a lender establishes in connection with a federally related mortgage loan. It sets limits for escrow accounts using calculations based on monthly payments and disbursements within a calendar year. If an escrow account involves biweekly or any other payment period, the requirements in this section shall be modified accordingly.

Mortgage Servicing and Loan Modifications: Section 1024.17(d) through (f)

(d) Methods of escrow account analysis.

(1) The following sets forth the steps servicers must use to determine whether their use of aggregate analysis conforms with the limitations in § 1024.17(c)(1). The steps set forth in this section result in maximum limits. Servicers may use accounting procedures that result in lower target balances. In particular, servicers may use a cushion less than the permissible cushion or no cushion at all. This section does not require the use of a cushion.

Mortgage Servicing and Loan Modifications: 12 C.F.R. § 1024.30 Scope.

(a) In general. Except as provided in paragraphs (b) and (c) of this section, this subpart applies to any mortgage loan, as that term is defined in § 1024.31.

(b) Exemptions. Except as otherwise provided in § 1024.41(j), §§ 1024.38 through 1024.41 of this subpart shall not apply to the following:

(1) A servicer that qualifies as a small servicer pursuant to 12 C.F.R. § 1026.41(e)(4);

Mortgage Servicing and Loan Modifications: 12 C.F.R. § 1024.31 Definitions.

For purposes of this subpart:

Confirmed successor in interest means a successor in interest once a servicer has confirmed the successor in interest’s identity and ownership interest in a property that secures a mortgage loan subject to this subpart.

Consumer reporting agency has the meaning set forth in section 603 of the Fair Credit Reporting Act, 15 U.S.C. § 1681a.

Mortgage Servicing and Loan Modifications: 12 C.F.R. § 1024.33 Mortgage servicing transfers.

(a) Servicing disclosure statement. Within three days (excluding legal public holidays, Saturdays, and Sundays) after a person applies for a reverse mortgage transaction, the lender, mortgage broker who anticipates using table funding, or dealer in a first-lien dealer loan shall provide to the person a servicing disclosure statement that states whether the servicing of the mortgage loan may be assigned, sold, or transferred to any other person at any time. Appendix MS-1 of this part contains a model form for the disclosures required under this paragraph (a).

Mortgage Servicing and Loan Modifications: 12 C.F.R. § 1024.34 Timely escrow payments and treatment of escrow account balances.

(a) Timely escrow disbursements required. If the terms of a mortgage loan require the borrower to make payments to the servicer of the mortgage loan for deposit into an escrow account to pay taxes, insurance premiums, and other charges for the mortgaged property, the servicer shall make payments from the escrow account in a timely manner, that is, on or before the deadline to avoid a penalty, as governed by the requirements in § 1024.17(k).

(b) Refund of escrow balance.