The servicing activities are performed on a fee - for - service basis and involve the management
of mortgage payments,
escrow accounts, and insurance claims, as well as the
administration of foreclosure procedures, and the preservation and disposal
of real estate owned.
The Bureau received over 2,800 comments on the TILA - RESPA proposal during the comment period from, among others, consumer advocacy groups; national, State, and regional industry trade associations; banks; community banks; credit unions; financial companies; mortgage brokers; title insurance underwriters; title insurance agents and companies; settlement agents;
escrow agents; law firms; document software companies; loan origination software companies; appraisal management companies; appraisers; State housing finance authorities, counseling associations, and intermediaries; State attorneys general; associations
of State financial services regulators; State bar associations; government sponsored enterprises (GSEs); a member
of the U.S. Congress; the Committee on Small Business
of the U.S. House
of Representatives; Federal agencies, including the staff
of the Bureau
of Consumer Protection, the Bureau
of Economics, and the Office
of Policy Planning
of the Federal Trade Commission (FTC staff), and the Office
of Advocacy
of the Small Business
Administration (SBA); and individual consumers and academics.