A financial institution that services residential mortgage loans must comply with federal consumer financial laws. These laws include Title XIV of the Dodd-Frank Act, known as the Mortgage Reform and Anti-Predatory Lending Act, which amended the Real Estate Settlement Procedures Act and the Truth in Lending Act. In particular, the regulations impose strict loss mitigation and foreclosure timelines in the event of delinquency and default, and extensive requirements regarding disclosures, continuity of contact, and error resolution. Residential mortgage servicing is also subject to fair lending laws, including the Equal Credit Opportunity Act.

This Toolkit provides resources to assist financial institutions with understanding and implementing these regulatory requirements.