CFPB Proposed Rule — Streamlining Mortgage Servicing for Borrowers Experiencing Payment Difficulties (Regulation X)
PROPOSED RULE (NPRM, 89 FR 60204, July 24, 2024; comment period closed Sept 9, 2024; status uncertain under the diminished CFPB and the March 2026 mortgage EO). Would remove most of the §1024.41 application framework and replace it with a request-triggered loss-mitigation review cycle and foreclosure procedural safeguards, broaden the loss-mit request definition to any oral/written ask, hold foreclosure and suppress fees for the entire cycle, and require Spanish-language translations of certain communications. NOT in force — for readiness mapping only.
Verbatim regulatory text
Verbatim provisions from CFPB Proposed Rule — Streamlining Mortgage Servicing for Borrowers Experiencing Payment Difficulties (Regulation X) — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
CFPB NPRM §1024.41 — PROPOSED: replace the application framework with foreclosure procedural safeguards
The CFPB is proposing to streamline and simplify Regulation X's loss mitigation procedures by removing most of the existing requirements regarding incomplete and complete loss mitigation applications and replacing them with a new framework based on foreclosure procedural safeguards.
CFPB NPRM §1024.41(f)(2) — PROPOSED: loss-mit review cycle begins on a request >37 days before sale
Under proposed § 1024.41(f)(2), a loss mitigation review cycle begins when a borrower makes a request for loss mitigation assistance more than 37 days before a foreclosure sale.
CFPB NPRM §1024.31 — PROPOSED: "request for loss mitigation assistance" = any oral or written ask for relief
The CFPB proposes to add request for loss mitigation assistance as a new defined term in § 1024.31 to mean any oral or written communication, occurring through any usual and customary channel for mortgage servicing communications, whereby a borrower asks a servicer for mortgage relief.
CFPB NPRM §1024.41(f) — PROPOSED: no begin/advance of foreclosure during the review cycle
During a loss mitigation review cycle, the servicer may not begin or advance the foreclosure process and borrowers would also be protected against the accrual of certain fees.
CFPB NPRM §1024.41(f)(3) — PROPOSED: no fees beyond on-time-payment amounts during the cycle
during a loss mitigation review cycle, no fees beyond the amounts scheduled or calculated as if the borrower made all contractual payments on time and in full under the terms of the mortgage contract shall accrue on the borrower's account.
CFPB NPRM — PROPOSED: Spanish-language translations of certain written communications to all borrowers
the proposed rule would require mortgage servicers to provide Spanish-language translations of certain written communications to all borrowers.
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Source of record: https://claudeforcompliance.com/regs/cfpb-reg-x-servicing-nprm-2024/
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