CFPB Implementation Plan for Mortgage Rules

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On February 13, the CFPB announced a plan it will implement over the next year for the mortgage industry’s compliance with consumer protections that go into effect January 2014. Among the new rules are the “ability-to-pay” rule and new mortgage servicing rules. In implementing the rules, the CFPB will: (i) coordinate with other agencies; (ii) publish plain-language guides; (iii) publish updates to financial interpretations; (iv) publish readiness guides; and (v) educate consumers. CFPB Release.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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