On March 29, 2018, the Consumer Financial Protection Bureau released two important implementation tools that may help mortgage servicers ensure compliance with recent amendments to the mortgage servicing rules in Regulations X and Z. This release comes shortly after the CFPB published a set of Frequently Asked Questions that primarily addressed issues related to the upcoming periodic billing statement requirements for borrowers in bankruptcy, and certain interactions with successors in interest. First, the CFPB updated its Small Entity Compliance Guide so that it now reflects the status of the law that will become effective on April 19, 2018.
