{"id":"AGY-FED-FINANCIAL-102","kind":"order","level":"federal","jurisdiction":"United States; Consumer Financial Protection Bureau (federal)","state":"","metro":"","industry":"","agency":"FED-FINANCIAL","eco":"","issuer":"Consumer Financial Protection Bureau","authority":"12 U.S.C. § 2617(a); § 5512(b)(1)","instrument":"Interim final rule, Treatment of Certain COVID-19 Related Loss Mitigation Options Under the Real Estate Settlement Procedures Act (RESPA) (Regulation X), 85 Fed. Reg. 39055 (June 30, 2020) (Docket CFPB-2020-0021; RIN 3170-AA99)","title":"Treatment of Certain COVID-19 Related Loss Mitigation Options Under the Real Estate Settlement Procedures Act (RESPA) (Regulation X)","dateIssued":"2020-06-23","effective":"2020-07-01","end":"Remained in force through 2021Q3 (amended by the servicing rule effective Aug. 31, 2021, which FED-B holds)","startDate":"2020-07-01","endDate":"2021-08-31","quarters":["2020Q3","2020Q4","2021Q1","2021Q2","2021Q3"],"types":["OTHER"],"addressees":["mortgage servicers subject to Regulation X"],"clause":"[The Bureau amends Regulation X to permit servicers to offer certain] COVID-19 [related] payment deferral [and partial claim options based on] an incomplete application [without the loss-mitigation procedures of § 1024.41 that would otherwise apply, where the option defers payments] unpaid by borrowers experiencing [financial hardships due, directly or indirectly, to the COVID-19 emergency, including one offered in connection with a forbearance program made available under the Coronavirus Aid,] Relief, and Economic Security Act.","enforcement":"12 C.F.R. § 1024.41; 12 U.S.C. § 2605(f) (private right of action and damages)","functions":["SV servicing and loss mitigation (deferral offers to borrowers exiting CARES Act forbearance)","CC contact centers","CB borrowers"],"notes":"Force-of-law amendment of the servicing rules, effective July 1, 2020 and in force in every remaining quarter, premised on borrowers \u0027experiencing financial hardships due, directly or indirectly, to the COVID-19 emergency\u0027; the CFPB recited that \u0027the unemployment rate climbed to over 14\u0027 percent","sourceUrl":"https://www.govinfo.gov/content/pkg/FR-2020-06-30/pdf/2020-13853.pdf","snapshot":"","fileExists":true,"fileBytes":287139,"grade":"primary","character":"","description":"","collection":"AGY-FED-FINANCIAL","url":"/library/AGY-FED-FINANCIAL-102","exhibitUrl":"/exhibit/AGY-FED-FINANCIAL-102","citation":"Consumer Financial Protection Bureau, Interim final rule, Treatment of Certain COVID-19 Related Loss Mitigation Options Under the Real Estate Settlement Procedures Act (RESPA) (Regulation X), 85 Fed. Reg. 39055 (June 30, 2020) (Docket CFPB-2020-0021; RIN 3170-AA99) (June 23, 2020) (Ex. AGY-FED-FINANCIAL-102)","stateName":"","related":[]}