CFPB Updates Mortgage Rules Readiness Guide

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The Consumer Financial Protection Bureau (the “CFPB”) recently issued the 2013 CFPB Dodd-Frank Mortgage Rules Readiness Guide, Version 2.0The guide updates the original version, published in July 2013, and summarizes the seven new mortgage rules finalized by the CFPB in 2013:
  • Ability-to-Repay and Qualified Mortgage Standards (Regulation Z)
  • Escrow Requirements under Truth in Lending Act (Regulation Z)
  • High-Cost Mortgage and Homeownership Counseling (Regulations Z and X)
  • Mortgage Servicing Rules under RESPA and TILA (Regulations Z and X)
  • ECOA Valuations for Loans Secured by a First Lien on a Dwelling (Regulation B)
  • TILA Appraisals for Higher-Priced Mortgage Loans (Regulation Z)
  • Loan Originator Compensation Requirements (Regulation Z)

Also included in the guide are a readiness questionnaire, frequently asked questions, and available compliance tools. The guide is designed to help both bank and non-bank financial institutions of all sizes comply with the new mortgage rules, many of which become effective on January 10, 2014.

Topics:  CFPB, Dodd-Frank, Mortgages, RESPA, TILA

Published In: Consumer Protection Updates, Finance & Banking Updates, Residential Real Estate Updates

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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