I was updating my paper Fed Reserve Supr Service today and noticed that Section 6(e) of RESPA (Duty of loan srvicer to respond to borrowers inquiries) had been amended and now requires servicers to respond to a qualified written request within 5 days rather than 20 and to now take action within 30 days instead of the previous 60. However, there was no update to Reg X's 3500.21. So, are we required to comply with the statutory provision or wait for 3500.21 to be updated before complying. I wasn't able to find this RESPA change within the DFA itself.

In the Dodd-Frank Act, H.R. 4173-809, covers the change in response time per RESPA. I haven't really looked to see when it becomes effective.

*BUMP*

Hadn't heard anything about this until yesterday, but it was effective in July 2010?????

Any gurus know what the deal is on this?

**BUMP-BUMP**

Starting a review on this and I can't find if the DFA changes are already in effect or not. Anyone know for sure?

USC 2605 still shows 20 days for acknowledgement of the QWR, whereas FDIC 6500 Consumer Protection RESPA says 5 days, not 20. HUD website says 20 days

I was under the impression it wasn't going to change to 5 days till the finalization of Dodd Frank. When was FDIC changed and why not the USC? Which is to be followed?

The USC hasn't been changed because the Dodd Frank Act provision (section 1463(c)) making the amendment is part of Title XIV (MRAPLA), which isn't effective until the effective date of the regulations implementing the requirement, which may not be more than 12 months after the final regulations are issued, which in turn must be on or before January 21, 2013. If the final regulations aren't issued by January 21, 2013, the change to RESPA will be effective on January 21, 2013. It's confusing as heck, but it's found in section 1400(c) of MRAPLA/DFA.

The FDIC appears to have jumped the gun on updating its version of RESPA. It's a mistake. Ironically, they still have the HUD regulation up on their site even though the Bureau's reg X is the one in effect. Go figure!

They also have included DFA changes to TILA that become effective on the same schedule, but have the Fed's old Reg Z instead of the Bureau's. And the Fed's old Reg E.

And now that I've read the first posts in this thread, it appears the Fed has done the same leap as the FDIC when it comes to updating the RESPA law in its service.

Just rest assured, the change is not yet effective because the Bureau's Reg X hasn't yet been finally issued.

Thanks so much for your response!

John, originally the effective date of section 1463 Title XIV was to be the "Earlier of date final regulations implementing section take effect or 18 months after Designated Transfer Date." Designated Transfer Date was September 20, 2010.

I realize that the official proposal from the CFPB just recently came out, but I can't find where the original effective date was overridden. Where can I find that?

Thanks.

Designated Transfer Date was September 20, 2010.

That is not a true statement. That is the day the date was announced and published in the Federal Register. The designated transfer date was July, 21 2011.