Regulation Z Compliance

Definition: A specific Federal Reserve Board regulation that requires debt lenders to disclose all the specifics of a given loan. This was done to promote a level of credit protection for the underlying consumer. The Consumer Financial Protection Bureau's (CFPB) issued it's Regulation Z Mortgage Servicing Final Rule on January 17, 2013. This rule becomes effective January 10, 2014. CPS offers RegZ compliance and mortgage coupon books. Save money using RegZ coupon books versus the cost of a monthly statement!

Coupon Book Exemption:

Creditors are not required to provide periodic statements for closed-end fixed-rate mortgage loans if the creditor or servicer provides the borrower with a coupon book that:

• Includes on each coupon certain account and contact information required on the periodic statement.
• Provides other required information elsewhere in the coupon book.
• Provides delinquency information in writing to the borrower for any billing cycle during which the borrower is more than 45 days delinquent and makes available upon request from the borrower certain information by telephone, in writing, in person, or electronically, if the borrower consents.