What 12 CFR Part 1024 (Regulation X) - RESPA Settlement, Escrow and Mortgage Servicing Rules requires
Regulation X (12 CFR Part 1024) implements the Real Estate Settlement Procedures Act (RESPA) and is administered by the Consumer Financial Protection Bureau. It applies to federally related mortgage loans and governs settlement-cost disclosures, prohibited practices, escrow accounts and mortgage servicing. No person may give or accept any fee, kickback or thing of value pursuant to an agreement to refer settlement-service business involving a federally related mortgage loan, and charges may not be split except for services actually performed; any violation is a violation of section 8 of RESPA (12 U.S.C. 2607). Affiliated business arrangements must be disclosed. A servicer that maintains an escrow account must conduct an escrow analysis, observe the account limits and provide an annual escrow account statement. The subpart C servicing rules require a servicer to acknowledge a borrower's written notice of error within five days and to investigate and respond, to respond to information requests, and, before assessing a force-placed insurance charge, to deliver a written notice at least 45 days beforehand and a reminder, and not impose the charge where the borrower has continuous hazard insurance. For delinquent borrowers, the servicer must establish or make good faith efforts to establish live contact no later than the 36th day of delinquency and provide a written early-intervention notice no later than the 45th day, maintain continuity of contact, and follow the loss mitigation procedures, exercising reasonable diligence to complete a loss mitigation application and evaluating a complete application for the loss mitigation options available.
Pillar: Banking & Global Finance · Authority: Consumer Financial Protection Bureau (CFPB) · Version: 1.0.0 · Last updated:
Primary source: https://www.ecfr.gov/current/title-12/chapter-X/part-1024
SHA-256 integrity: b3c06829c45a4bce53a51b40691e39ecabda50971abe2a2b3761d282734518b4
Primary Citations — 8 traced to source
- 12 CFR Part 1024 (Regulation X), § 1024.5 - coverage of RESPA (federally related mortgage loans and exemptions)
- 12 CFR Part 1024 (Regulation X), § 1024.14 - prohibition against kickbacks and unearned fees (section 8 of RESPA, 12 U.S.C. 2607)
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