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B-333398 Jul 13, 2021 1 (2021-07-13)

handle is hein.gao/gaombj0001 and id is 1 raw text is: 1O o U.S. GOVERNMENT ACCOUNTABILITY OFFICE A Century of Non-Partisan Fact-Based Work 441 G St. N.W. Washington, DC 20548 B-333398 July 13, 2021 The Honorable Sherrod Brown Chairman The Honorable Patrick J. Toomey Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Maxine Waters Chairwoman The Honorable Patrick McHenry Ranking Member Committee on Financial Services House of Representatives Subject: Bureau of Consumer Financial Protection: Protections for Borrowers Affected by the COVID-19 Emergency Under the Real Estate Settlement Procedures Act (RESPA), Regulation X 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 Protections for Borrowers Affected by the COVID-19 Emergency Under the Real Estate Settlement Procedures Act (RESPA), Regulation X (RIN: 3170-AB07). We received the rule on June 28, 2021. It was published in the Federal Register as final rule; official interpretation on June 30, 2021. 86 Fed. Reg. 34848. The effective date is August 31, 2021. According to the Bureau, it is issuing this final rule to amend Regulation X to assist mortgage borrowers affected by the COVID-19 emergency. See generally 12 C.F.R. pt. 1024. The Bureau stated that the final rule establishes temporary procedural safeguards to help ensure that borrowers have a meaningful opportunity to be reviewed for loss mitigation before the servicer can make the first notice or filing required for foreclosure on certain mortgages. The Bureau also stated that the final rule would temporarily permit mortgage servicers to offer certain loan modifications made available to borrowers experiencing a COVID-19-related hardship based on the evaluation of an incomplete application. The Bureau stated further that it is also finalizing certain temporary amendments to the early intervention and reasonable diligence obligations that Regulation X imposes on mortgage servicers.

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