Source: https://www.consumerfinance.gov/eregulations/1024-6/2015-18239
Timestamp: 2018-03-21 01:08:57
Document Index: 519154813

Matched Legal Cases: ['§ 1024', 'art 1024', '§ 1024', '§ 1024', '§ 1024', '§ 1024', '§ 1024', '§ 1024', '§ 1024', '§ 1024', '§ 1024', '§ 1024', '§ 1024', '§ 1024', '§ 1024', '§ 1024', '§ 1024', '§ 1024', 'art 1024', 'art 1024', 'art 1024', 'art 1024', 'art 1024', 'ART 1026', '§ 1024', '§ 1024', '§ 1024', '§ 1024', '§ 1024']

12 CFR § 1024.6 | eRegulations
12 CFR Part 1024 (Regulation X)
Effective Date: 10/3/2015
§ 1024.1 Designation.
§ 1024.3 Questions or suggestions from public and copies of public guidance documents.
§ 1024.4 Reliance upon rule, regulation or interpretation by the Bureau.
§ 1024.11 Mailing.
§ 1024.18 [Reserved]
§ 1024.19 [Reserved]
§ 1024.20 [Reserved]
§ 1024.30 Scope.
§ 1024.31 Definitions.
§ 1024.32 General disclosure requirements.
§ 1024.34 Timely escrow payments and treatment of escrow account balances.
§ 1024.36 Requests for information.
§ 1024.37 Force-placed insurance.
§ 1024.39 Early intervention requirements for certain borrowers.
§ 1024.40 Continuity of contact.
§ 1024.41 Loss mitigation procedures.
Appendix A to Part 1024 Instructions for Completing HUD-1 and HUD-1a Settlement Statements; Sample HUD-1 and HUD-1a Statements
Appendix B to Part 1024 Illustrations of Requirements of RESPA
Appendix C to Part 1024 Instructions for Completing Good Faith Estimate (GFE) Form
Appendix D to Part 1024 Affiliated Business Arrangement Disclosure Statement Format
Appendix E to Part 1024 Arithmetic Steps
Appendix MS Mortgage Servicing
SUPPLEMENT I TO PART 1026 - Official Bureau Interpretations
Interpretations Introduction
Interpretations For Regulation Text
Interpretations For Appendices
regulation effective 1/10/2014 12/30/2011
Published 10/23/2013
Published 1/31/2013
Published 12/30/2011
10/3/2015 1/10/2014 12/30/2011
a.(a) Lender to provide special information booklet.Subject to the exceptions set forth in this paragraph, the lender shall provide a copy of the special information booklet to a person from whom the lender receives, or for whom the lender prepares, a written application for a federally related mortgage loan. When two or more persons apply together for a loan, the lender is in compliance if the lender provides a copy of the booklet to one of the persons applying.
1.(1) The lender shall provide the special information booklet by delivering it or placing it in the mail to the applicant not later than three business days (as that term is defined in § 1024.2) after the application is received or prepared. However, if the lender denies the borrower's application for credit before the end of the three-business-day period, then the lender need not provide the booklet to the borrower. If a borrower uses a mortgage broker, the mortgage broker shall distribute the special information booklet and the lender need not do so. The intent of this provision is that the applicant receive the special information booklet at the earliest possible date.
2.(2) In the case of a federally related mortgage loan involving an open-ended credit plan, as defined in Regulation Z, 12 CFR 1026.2(a)(20), a lender or mortgage broker that provides the borrower with a copy of the brochure entitled “When Your Home is On the Line: What You Should Know About Home Equity Lines of Credit”, or any successor brochure issued by the Bureau, is deemed to be in compliance with this section.
3.(3) In the categories of transactions set forth at the end of this paragraph, the lender or mortgage broker does not have to provide the booklet to the borrower. Under the authority of section 19(a) of RESPA (12 U.S.C. 2617(a)), the Bureau may issue a revised or separate special information booklet that deals with these transactions, or the Bureau may choose to endorse the forms or booklets of other Federal agencies. In such an event, the requirements for delivery by lenders and the availability of the booklet or alternate materials for these transactions will be set forth in a Notice in the Federal Register. This paragraph shall apply to the following transactions:
i.(i) Refinancing transactions;
ii.(ii) Closed-end loans, as defined in 12 CFR 1026.2(a)(10) of Regulation Z, when the lender takes a subordinate lien;
iii.(iii) Reverse mortgages; and
iv.(iv) Any other federally related mortgage loan whose purpose is not the purchase of a 1- to 4-family residential property.
b.(b) Revision.The Bureau may from time to time revise the special information booklet, publishing a notice in the Federal Register.
c.(c) Reproduction.The special information booklet may be reproduced in any form, provided that no change is made other than as provided under paragraph (d) of this section. The special information booklet may not be made a part of a larger document for purposes of distribution under RESPA and this section. Any color, size and quality of paper, type of print, and method of reproduction may be used so long as the booklet is clearly legible.
d.(d) Permissible changes.
i.(i) No changes to, deletions from, or additions to the special information booklet currently prescribed by the Bureau shall be made other than the permissible changes specified in paragraphs (d)(1)(ii) through (d)(3) of this section or changes as otherwise approved in writing by the Bureau in accordance with the procedures described in this paragraph. A request to the Bureau for approval of any changes other than the permissible changes specified in paragraphs (d)(1)(ii) through (d)(3) of this section shall be submitted in writing to the address indicated in § 1024.3, stating the reasons why the applicant believes such changes, deletions or additions are necessary.
ii.(ii)
A.(A) In the Complaints section of the booklet, it is a permissible change to substitute “the Bureau of Consumer Financial Protection” for “HUD's Office of RESPA” and “the RESPA office.”
B.(B) In the Avoiding Foreclosure section of the booklet, it is a permissible change to inform homeowners that they may find information on and assistance in avoiding foreclosures at http://www.consumerfinance.gov. The deletion of the reference to the HUD Web page, http://www.hud.gov/foreclosure/, in the Avoiding Foreclosure section of the booklet is not a permissible change.
C.(C) In the Appendix to the booklet, it is a permissible change to substitute “the Bureau of Consumer Financial Protection” for the reference to the “Board of Governors of the Federal Reserve System” in the No Discrimination section of the Appendix to the booklet. In the Contact Information section of the Appendix to the booklet, it is a permissible change to add the following contact information for the Bureau: “Bureau of Consumer Financial Protection, 1700 G Street NW., Washington, DC 20006; www.consumerfinance.gov/learnmore ”. It is also a permissible change to remove the contact information for HUD's Office of RESPA and Interstate Land Sales from the Contact Information section of the Appendix to the booklet.
2.(2) The cover of the booklet may be in any form and may contain any drawings, pictures or artwork, provided that the words “settlement costs” are used in the title. Names, addresses and telephone numbers of the lender or others and similar information may appear on the cover, but no discussion of the matters covered in the booklet shall appear on the cover. References to HUD on the cover of the booklet may be changed to references to the Bureau.
3.(3) The special information booklet may be translated into languages other than English.
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