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Under the new CFPB rule requiring us to delay filing a foreclosure action until a borrower is 120 days or more delinquent, what is the definition of the “first notice” in the foreclosure action? – IBA Compliance Connection

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Under the new CFPB rule requiring us to delay filing a foreclosure action until a borrower is 120 days or more delinquent, what is the definition of the “first notice” in the foreclosure action?

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The new RESPA servicing rules prohibit servicers from initiating a foreclosure action (by filing a “first notice or filing” in the foreclosure process)  until the borrower is more than 120 days delinquent. 12 CFR 1024.41(f)(1)(i). The CFPB’s staff commentary defines “first notice or filing” as “the earliest document required to be filed with a court or other judicial body to commence the action or proceeding (e.g., a complaint, petition, order to docket, or notice of hearing).” Official Interpretations, 12 CFR 1024, Paragraph 41(f), Comment 1(i).