OCC Bulletin 2019-22| May 7, 2019
Real Estate Settlement Procedures Act: Revised Comptroller's Handbook Booklet and Rescissions
Chief Executive Officers and Compliance Officers of National Banks, Federal Savings Associations, Federal Branches and Agencies, Department and Division Heads, All Examining Personnel, and Other Interested Parties
The Office of the Comptroller of the Currency (OCC) issued today the "Real Estate Settlement Procedures Act" (RESPA) booklet of the Comptroller's Handbook. This revised booklet replaces the similarly titled booklet issued in April 2015.
This booklet provides guidance and procedures to examiners in connection with changes made by the Consumer Financial Protection Bureau (CFPB) to Regulation X (12 CFR 1024), which implements RESPA. The main changes to the booklet relate to implementation of the CFPB's mortgage servicing rule and to clarification and amendment of provisions of Regulation X that took effect October 19, 2017, as well as provisions related to successors in interest, which took effect April 19, 2018. The booklet also reflects changes resulting from the final rule on integrated mortgage disclosures, which became effective October 3, 2015.
With the issuance of this booklet, the following documents are rescinded:
- Version 1.0 of the "Real Estate Settlement Procedures Act" booklet (April 14, 2015).
- OCC Bulletin 2015-25, "Real Estate Settlement Procedures Act: Revised Comptroller's Handbook Booklet and Rescissions" (April 14, 2015).
- OCC Bulletin 2015-27, "Consumer Compliance: Revised Interagency Examination Procedures for Consumer Compliance" (May 1, 2015).
- OCC Bulletin 2015-42, "Consumer Compliance: Initial Examinations for Compliance With TILA-RESPA Integrated Disclosure Rule" (November 6, 2015).
Note for Community Banks
This booklet applies to all national banks, federal savings associations, and federal branches and agencies of foreign banking organizations that offer consumer credit products covered by RESPA.
Significant revisions from the OCC's 2015 RESPA booklet reflect
- the establishment and implementation of a definition of "successor in interest."
- compliance with certain servicing requirements when a person is a debtor in bankruptcy.
- clarifications and revisions to the provisions regarding force-placed insurance notices, policy and procedure requirements, and early intervention and loss mitigation requirements under Regulation X's servicing provisions.
Contact your supervisory office or Paul R. Reymann, Director for Consumer Compliance Policy, at (202) 649-5470.
Donna M. Murphy
Deputy Comptroller for Compliance Risk Policy