Home Affordability Through Mortgage Simplification Act

(m) Reliance on bureau guidance. No creditor shall be liable for a violation arising from an act done or omitted in good-faith reliance on guidance issued by the Bureau.

(n) Notice and opportunity To cure

(1) First time violation. No civil penalty may be imposed for a first time violation under this title unless the creditor fails to cure such violation within 60 days after receiving written notice from a Federal or State regulator.

(2) Restitution and private remedies for consumer. Nothing in this subsection affects a consumer’s right to restitution or private remedies.

(3) First time violation defined. In this subsection, the term first time violation means the first written notice from a Federal or State regulator that identifies a specific violation under this title, for which—

(A) no prior notice of the same violation issued within the preceding 36-month period; and

(B) a single pattern or practice affecting multiple loans constitutes one violation for purposes of this subsection if arising from the same underlying error.