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CFPB Releases Video Series to Better Explain Mortgage Rules

by devteam May 16th, 2013 | Share

Under Dodd-Frank, the Consumer Finance Protection Bureaurn(CFPB) was required to issue several mortgage rules, ostensibly intended to ‘protectrnconsumers.’  While the extent to which thesernrules actually accomplish ‘protection’  is open to debate, there’s no question thatrnthey’ve constituted an additional layer of complication for mortgage markets.</p

In an effort to address problems with the accessibility andrntangibility of the information in the rules, and to clear up confusion as tornwhich parts of which rules go into effect on which dates, the CFPB posted arnvideo series to their site.</p

There’s one incredibly long video that includes all thernrules:</p<ul class="unIndentedList"

  • Compiled overview of all of thern2013 new mortgage rules (seen below)
    </li</ul

    The rules are also broken out individually as follows: (found here)</p<ul class="unIndentedList"

  • Ability-to-Repay and QualifiedrnMortgage Rule</li
  • 2013 HOEPA Rule</li
  • ECOA Valuations and TILArnHigher-Priced Mortgage Loans Appraisal Rules</li
  • Loan Originator Compensation Rule</li
  • Mortgage Servicing Rules</li
  • TILA Escrow Rule</li</ul

    The CFPB rightfullyrnreminds potential viewers that “although the videos and guides give an overviewrnof the rules, they are not a substitute for the underlying rules.”  </p<p

    All Content Copyright © 2003 – 2009 Brown House Media, Inc. All Rights Reserved.nReproduction in any form without permission of MortgageNewsDaily.com is prohibited.

    • About the Author

    devteam

    Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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