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Dodd-Frank Mortgage Rules Readiness Guide -CFPB

by devteam July 9th, 2013 | Share

ThernConsumer Financial Protection Bureau’s (CFPB’s) Dodd-FrankrnMortgage Rules Readiness Guide is now available</ato assist lending institutions evaluate whether they are ready forrnthe impending changes in mortgages rules slated to take place betweenrnJune 1, 2013 and mid-January 2014.  CFPBrnsaid the guide was designed to help regulated entities with compliance by highlighting important issues likely to come up in reviews and to focus the industry and examiners on the aspects of the broader compliance system that may need to be improved in the future.  Some of the topics covered:</p<ul<li

Abilityrnto Repay and Qualified Mortgage Standards (Regulation Z)</p</li<li

EscrowrnRequirements under the Truth in Lending Act</p</li<li

HighrnCost Mortgage and Homeownership Counseling</p</li<li

MortgagernServices Rules</p</li<li

ECOArnAppraisals for Higher Priced Mortgage Loans</p</li<li

TILArnAppraisals for Higher-Priced Mortgages Loans</p</li<li

LoanrnOriginator Compensation Requirements</p</li</ul

Thernfour part guide contains a summary of the rules listed above andrntheir dates of implementation. Part II consists of an extensivernquestionnaire/checklist lenders can use to assess their readiness inrncompliance areas such as developing an implementation plan, thernappropriateness of their policies and procedures, training, auditsrnand quality control, complaints, and vendor management. Part III isrna compendium of commonly asked questions and their answers, and PartrnIV, Tools, contains anrnextensive list of web links that provide additional information,rnhelp, and support. </p

CFPBrnsaid it plans to periodically update the document which is availablernonly online. The agency said it welcomes comments and suggestionsrnfrom users for improving the Guide.rn

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

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