Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
New Mortgage Exam Procedures Set Out By CFPB
WASHINGTON (8/16/13)--Updated examination procedures for Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) compliance were unveiled by the Consumer Financial Protection Bureau on Thursday.

"We are committed to transparency around our examination process...So we have worked hard to provide industry with advance notice of what we will be expecting. That, in turn, will improve compliance and benefit consumers," CFPB Director Richard Cordray said.

The latest updates address exams for Ability-to-Repay/Qualified Mortgage, high-cost mortgage, and appraisals for higher-priced mortgage loans regulations. New amendments related to the escrows rule and credit card regulation changes are also covered in the exam procedure update.

The exam procedures, according to the CFPB, will help financial institutions and mortgage companies understand how they will be examined for CFPB rules that:
  • Require lenders to evaluate a borrower's ability to pay back a loan;
  • Ban or limit certain points, fees, and risky features;
  • Require servicers to provide monthly statements and disclosures;
  • Restrict dual-tracking;
  • Require access to servicing personnel and a fair review process; and
  • Require creditors use a licensed or certified appraiser.
The CFPB has now released exam procedures for mortgage origination rules issued through May 29 and mortgage servicing rules issued through July 10. More releases are planned.

For more on the exam procedures, use the resource link.
RSS





print
News Now LiveWire
CUNA: CUNA offices closed through Friday, News Now returns Monday http://t.co/a5xbLzQKDj
1 Day ago
Reminder: @CUNA's Madison, D.C. offices will be closed through Friday, open again on Monday. #NewsNow will publish Monday.
1 Day ago
MI dentist to match @CUDirect's $20K to @HurleyMedical as a result of #20for20 online voting http://t.co/hqmIc9LpK1 @CMNHospitals
1 Day ago
New #creditunion chartered in St. Louis - #LutheranFCU - by @TheNCUA http://t.co/faPfANGS0P. Only 3rd new FCU charter this year.
1 Day ago
Don't get hacked during the holidays-use these tips from @CUNA http://t.co/jEqxni6NhO #StoptheDataBreaches http://t.co/woIxPOIyys
1 Day ago