Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
CFPB Publishes Loan Originator, Mortgage Servicing Compliance Guides
WASHINGTON (6/10/13)--Plain-English, small-entity compliance guides detailing recent changes to loan originator and mortgage servicing rules were released by the Consumer Financial Protection Bureau on Friday.

The guides give an overview of the rules, but are not substitutes for the underlying rules, the CFPB emphasized. The Credit Union National Association is reviewing the guidance and will be following up with the CFPB on any issues of concern.

Similar plain-English guides on ability-to-repay and qualified mortgage rules, escrow regulations, and changes to the Home Ownership and Equity Protection Act, the Equal Credit Opportunity Act, and sections of the Truth in Lending Act that impact higher-priced mortgage loan appraisals have also been released by the bureau.

The CFPB said it plans to update the guides periodically as rule clarifications are finalized. The new documents are part of a series of guides and other informational materials the CFPB plans to provide on its new mortgage regulations.

The bureau has said the goal of the guidance series is to provide a comprehensive rule summary in a plain language and frequently-asked question format, which makes the content more accessible and consumable for a broad array of industry constituents, especially smaller businesses with limited legal and compliance staff.

Use the resource link below to access the loan originator and mortgage servicing guides.
Other Resources

CFPB Guidance
RSS print
News Now LiveWire
@CFPB today finalized a rule to promote more effective privacy disclosures from financial institutions to their customers. Watch News Now
52 minutes ago
Four consumer rights you didn't have 40 years ago via @CreditExperts http://t.co/RwSocTG1q4
1 hours ago
Cascade Community #CreditUnion has granted 30 educators almost $6,000 in Chalkboard grants for the 2014-15 school year.
1 hours ago
#NewsNow Money: CUNA's Schenk talks interest rates, inflation http://t.co/JbQlDrXzM3
1 hours ago
Eric Richard, CUNA's general counsel, details legal/regulatory trends affecting CUs at CUNA Attorneys Conf. today. http://t.co/n7ZATxT4eM
2 hours ago