Tuesday, July 9, 2013

Mortgage Rules Readiness Guide - Get to know the new rules of lending

The Consumer Financial Protection Bureau just published its 2013 CFPB Dodd-Frank Mortgage Rules readiness Guide.

This Guide should serve as the basis for banks' / financial institutions' internal compliance system. It includes information concerning the following topics:

  1. Ability-to-Repay and Qualified Mortgage Standards (Regulation Z)
  2. Escrow Requirements under Truth in Lending Act (Regulation Z)
  3. High-Cost Mortgage and Homeownership Counseling (Regulation Z) (Regulation X)
  4. Mortgage Servicing Rules (RESPA) (Regulation X) (TILA) (Regulation Z)
  5. ECOA Appraisals for Higher-Priced Mortgage Loans (Regulation B)
  6. TILA Appraisals for Higher-Priced Mortgage Loans (Regulation Z)
  7. Loan Originator Compensation Requirements (Regulation Z)
Get to know these rules as they all become effective in January of 2014.