CFPB’s Issues Resources for Mortgage Rules
On June 7, the CFPB posted two additional small entity compliance guides for the Loan Originator Rule and the Real Estate Settlement Procedures Act (RESPA) and Truth in Lending Act (TILA) Mortgage Servicing Final Rules. On the CFPB’s website, you can now find small entity compliance guides for all of the new mortgage rules originally issued by the CFPB in January.
Last week the CFPB also released updated exam procedures for the TILA and the Equal Credit Opportunity Act (ECOA) mortgage rules. The updated TILA exam procedures
incorporate the requirements for escrow accounts and loan originator compensation and qualification. The updated ECOA exam procedures
incorporate the requirements of the Regulation B final rule on appraisals.
In addition to the above exam procedures, in their press release
the CFPB indicated that “within the next several months, the CFPB will publish its first round of exam procedures for the Ability-to-Repay and mortgage servicing rules.“ The CFPB Director Richard Cordray believes that “by releasing details of what our examiners will be looking for well in advance of the effective date of most of the rules, we are giving the industry more time to adjust.”
Submissions to Monitor should follow the submission guidelines
and may be emailed
. Shawn Glinis is the editor of Monitor and can be reached at 800-262-6285, ext. 449. The newsletter of the Michigan Credit Union League is published Monday mornings or Tuesday mornings when Monday is a holiday. There is no Monitor the week after Christmas and the week after the Annual Convention and Exposition. MCUL reserves the right to edit submissions for clarity and space.