CFPB Issues Dodd-Frank Mortgage Rules Readiness Guide

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The Consumer Financial Protection Bureau has just released a new guide that attempts to summarize various new mortgage rules that were finalized by the CFPB earlier this year. The 2013 CFPB Dodd-Frank Mortgage Rules Readiness Guide (the Guide) is intended to help financial institutions strengthen their CFPB compliance and better understand the complexities of recent mandates.

The Consumer Financial Protection Bureau has just released a that attempts to summarize various new mortgage rules that were finalized by the CFPB earlier this year. The 2013 CFPB Dodd-Frank Mortgage Rules Readiness Guide (the Guide) is intended to help financial institutions strengthen their CFPB compliance and better understand the complexities of recent mandates.

A number of the new rules covered in the Guide are effective in January 2014 and fall under Regulation Z, which implements various provisions of the Truth in Lending Act (TILA). They include the ability-to-repay/qualified mortgage rules, the high-costs mortgage and homeownership counseling rule, mortgage servicing rules, and loan originator compensation requirements. The Guide also includes a summary of the CFPB's mortgage escrow account rule, which took effect June 1, 2013.


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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