Prohibitrnsteering incentives, that is compensation for a loan originator thatrnvaries with the loan terms. </p</li<li

Prohibitrn”dual compensation” wherein an originator is paid by both thernconsumer and another person such as the creditor.</p</li<li

Protectrnborrowers of higher-priced mortgage loans: Thernrequired duration of an escrow account on higher-priced mortgagernloans extends from a minimum of one year to a minimum of five years.</p</li<li

Prohibitrnthe waiver of consumer rights that would bar consumers from bringingrna claim in court in connection with any alleged violation of federalrnlaw and prohibits mandatory arbitration for for mortgage and homernequity loans.</p</li<li

Requirernlenders provide free appraisal reports and valuations developed inrnconnection with certain mortgage loan applications.</p</li<li

Prohibitrnfinancing by creditors of single premium credit insurance inrnconnection with certain mortgage loans.</p</li</ul

The CFPB said itrnis coordinating with other federal government regulators that alsornconduct examinations of mortgage companies and financial institutionsrnto ensure all regulators have a shared understanding of the CFPB’srnnew rules. This multi-agency effort includes the interagencyrndevelopment of exam procedures. For example, the TILA proceduresrnreleased today are based on the approved Federal FinancialrnInstitutions Examination Council procedures. This interagency effortrnhelps promote a consistent regulatory experience for industry.</p

The Interim TILA ExaminationrnProcedures can be found at:rnhttp://files.consumerfinance.gov/f/201306_cfpb_laws-and-regulations_tila-combined-june-2013.pdf</p

The Interim ECOA ExaminationrnProcedures can be found at:rnhttp://files.consumerfinance.gov/f/201306_cfpb_laws-and-regulations_ecoa-combined-june-2013.pdf</p

CFPBrnsaid once these and other exam procedures have been updated with thernnew mortgage rule requirements,<bit will incorporaternall amended sections, including the TILA and ECOA sections, into its rnGeneralrnSupervision and Examination Manual.rn</p

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