Federal Report or Study
This chart summarizes the mortgage servicing rules in effect as of April 19, 2018 and is not a substitute for the rules. Only the rules and the Official Interpretations can provide complete and definitive information regarding their requirements. The complete rules, including the Official Interpretations and small entity compliance guide, are available at www.consumerfinance.gov/policy-compliance/guidance/implementation-guidance/mortserv.
The March 10, 2015 Presidential Memorandum, “A Student Aid Bill of Rights to Help Ensure Affordable Loan Repayment” (Presidential Memorandum), directed an interagency task force (Task Force) consisting of the Department of the Treasury, Department of Education, Office of Management and Budget, and Domestic Policy Council to monitor trends in the student loan portfolio, budget costs, and borrower assistance efforts.
This is a 1980 report that HUD commissioned to advise Congress concerning RESPA. The report seeks to determine how well the settlement process is working and specifically how individual settlement service markets are performing to provide required services at a reasonable cost. It also seeks to evaluate the effectiveness of RESPA in achieving its objectives: better informing the consumer; increasing the incidence of shopping; and ultimately lowering settlement costs when they are excessive.
In an effort to understand the consumers’ perspective on the debt collection process, related to the CFPB’s Regulation F rulemaking, Fors Marsh Group (FMG) conducted five focus groups with two consumer groups; individuals with no debt collection experience and individuals who had been contacted by a debt collector attempting to recover a debt within the previous two years (henceforth referred to as “debt collection experience”).
The CFPB worked with Fors Marsh Group (FMG) to develop a model validation notice for Regulation F intended to clearly communicate key information about the debt and about how consumers can respond to the notice. To assess how different content, wording, and formatting could influence consumer perception and behavior, FMG conducted interviews with consumers as they reviewed a series of model validation notices. FMG conducted 30 one-on-one interviews with consumers.
The CFPB worked with Fors Marsh Group (FMG) to develop a model validation notice for Regulation F intended to clearly communicate key information about the debt and about how consumers can respond to the notice. To assess how different content, wording, and formatting could influence consumer perception and behavior, FMG conducted interviews with consumers as they reviewed a series of model validation notices. FMG conducted 30 one-on-one interviews with consumers.
The CFPB worked with Fors Marsh Group (FMG), as part of the Regulation F rulemaking process, to develop model validation notices that will communicate effectively and clearly key information about the debt and about how consumers can respond to the notice. The effort included focus groups, individual in-depth cognitive interviews, and one-on-one user experience (UX) interviews with consumers in multiple locations across the United States.
To better understand the operational costs of debt collection firms, particularly in areas potentially affected by regulatory proposals under consideration, the CFPB conducted a survey of debt collection firms and vendors. The answers to the survey questions provide material for the CFPB consideration of what it would cost collectors of different types to comply with potential new rules, including what was eventually enacted as Regulation F.
This report presents the results of the Survey of Consumer Views on Debt which the CFPB conducted between December 2014 and March 2015. The survey results substantially expand the understanding of debt collection in the United States by providing the first comprehensive and nationally representative data on consumers’ experiences and preferences related to debt collection. The study led to CFPB Regulation F.