Presentation on theme: "In January 2013, the Consumer Financial Protection Bureau (CFPB) issued eight final mortgage rules pursuant to the Dodd- Frank Wall Street Reform and."— Presentation transcript:
In January 2013, the Consumer Financial Protection Bureau (CFPB) issued eight final mortgage rules pursuant to the Dodd- Frank Wall Street Reform and Consumer Protection Act. On July 8, 2013 the CFPB released the first version of the 2013 Dodd-Frank Mortgage Rules Readiness Guide.2013 Dodd-Frank Mortgage Rules Readiness Guide
Guide contains assistance with: Ability-to-Repay and Qualified Mortgage Standards; Escrow Requirements under Truth in Lending Act; High-Cost Mortgage and Homeownership Counseling; Mortgage Servicing Rules; Equal Credit Opportunity Act Valuations for Loans Secured by a First Lien on a Dwelling; Truth in Lending Act Appraisals for Higher-Priced Mortgage Loans; and Loan Originator Compensation Requirements.
The Guide consists of: Part I – Summary of the Rules Part II – Readiness Questionnaire Part III – Frequently Asked Questions Part IV – Tools
Readiness Questionnaire: Developing an implementation plan; Policies and procedures for each of the rules; Training requirements; Audit, compliance review and internal controls; Complaints; and Third party and vendor management.
Thank you for joining me for this review of the CFPB’s Mortgage Rules Readiness Guide - Stay Tuned… Shawn Wolbert, CIA, CUCE Director CU System Relations 101 S. Washington Square, Suite 900 Lansing, MI 48933-1703 (800) 262-6285 Ext. 486 (734) 658-5427 Mobile Follow me on Twitter – Shawn Wolbert @ Go2CUGuru