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Regulation X

The Real Estate Settlement Procedures Act: Regulation X

Skillful Advocacy on Consumer Law Matters in Illinois

In January 2014, The Consumer Financial Protection Bureau (CFPB) made important changes to Regulation X of the Real Estate Settlement Procedures Act (RESPA). These changes have created a private right of action for consumers against mortgage loan servicers who failed in their duty to correct irregularities with application of payments, promptly and properly respond to requests for information, assess charges and fees, or comply with timelines for handling applications for loan modifications, short sales, and deeds in lieu of foreclosures in a timely manner.

How Does Regulation X Benefit Homeowners in Illinois?

In the past, dual tracking was a common occurrence among delinquent borrowers. Even though a homeowner in Illinois may have been in the middle of obtaining a loan modification, mortgage loan servicers could still move to foreclose, leaving the homeowner without remedy or recourse.

Other impediments to homeowners included an inability to bring a claim for mistakes in escrow calculations, late fees, or unfair corporate advances, or against lenders who failed to provide the homeowner with monthly mortgage statements that were easy to understand. Now, changes to Regulation X and TILA’s Regulation Z have defined new, higher standards for home mortgage lenders, enabling consumers to have more options for legal action in the event of a dispute with their lenders.

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