NEW: Mortgage Servicing Fees State Law Comparison Tool

Consumer mortgage protections are aimed at preventing exploitative fees charged by financial institutions. Companies are required to disclose all fees associated with consumer mortgages and reflect the true costs of their products or services in advertisements. Practical Guidance Financial Services Regulation now offers the Mortgage Servicing Fees state law comparison tool with coverage beginning in five key states (CA, DC, PA, IA, and WI) with more coming soon. Access this the State Law Comparison Tool (Mortgage Servicing Fees topic) for key information on permissible mortgage servicing fees and statutory fees that may be charged by a company that services consumer residential mortgages.

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Related Content       

• Mortgage Servicing Issues and Regulatory Considerations
  Explore this practice note discussing residential mortgage servicing issues arising under the Truth-in-Lending Act and the Real Estate Settlement Procedures Act as enforced by the Consumer Financial Protection Bureau.

• TRID Disclosure and Closing Process
  Review best practices for complying with mortgage banking regulations including the Truth-in-Lending-Act and the Real Estate Settlement Procedures Act’s Integrated Disclosure rule, commonly known as TRID.

• Consumer Financial Protection Act Fundamentals
  Explore this practice note to gain an understanding of the federal consumer financial laws including the Consumer Financial Protection Act, which prohibits unfair, deceptive, or abusive acts or practices (UDAAPs), in connection with consumer financial products and services.

• Unfair, Deceptive, or Abusive Acts or Practices Clauses
  Gain access to UDAAP clauses for use in consumer mortgage broker agreements, automobile financing contracts, servicing, and other lending agreements.

Practical Guidance Updates
Featuring the latest updates from your Practical Guidance account.

• Trends & Insights provides the latest in news articles and insights documents on trending areas for financial service organizations including Feds Should Clear The Air Around 'Junk Fees'.
• Mortgage Servicing Regulation Resource Kit and Mortgage Origination Regulation Resource Kit are two resource kits for guidance related to residential mortgages. They include access to practice notes, checklists, articles, and templates to aid practitioners advising financial institutions.
• State Law Comparison Tool for Consumer Financial Regulations
  Access the state law comparison tool, Consumer Financial Regulations topic, for state-specific guidance and the ability to compare state laws in the areas of consumer lending, credit card lending, and residential mortgage loans. The content also addresses key questions on oversight and supervision, advertising, marketing, usury, fraud, and unfair and deceptive trade practices.
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