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GAO-13-409R 1 (2013-03-04)

handle is hein.gao/gaobadpkm0001 and id is 1 raw text is: Accountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-324478 March 4, 2013 The Honorable Tim Johnson Chairman The Honorable Mike Crapo Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Jeb Hensarling Chairman The Honorable Maxine Waters Ranking Member Committee on Financial Services House of Representatives Subject: Bureau of Consumer Financial Protection: Mortgage Servicing Rules Under the Truth in Lending Act (Regulation Z) Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Bureau of Consumer Financial Protection (Bureau), entitled Mortgage Servicing Rules Under the Truth in Lending Act (Regulation Z) (RIN: 3170-AA14). We received the rule on February 15, 2013. It was published in the Federal Register as a final rule; official interpretations on February 14, 2013. 78 Fed. Reg. 10,902. The final rule amends Regulation Z, which implements the Truth in Lending Act and the official interpretation to the regulation, which interprets the requirements of Regulation Z. This final rule implements provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) regarding mortgage loan servicing. Specifically, this final rule implements Dodd-Frank Act sections addressing initial rate adjustment notices for adjustable-rate mortgages, periodic statements for residential mortgage loans, prompt crediting of mortgage payments, and responses to requests for payoff amounts. This final rule also amends current rules governing the scope, timing, content, and format of disclosures to consumers regarding the interest rate adjustments of their variable-rate transactions. Concurrently with the issuance of this final rule, the Bureau amended Regulation X, which contains companion rules implementing amendments to the Real Estate GAO-13-409R

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