Mortgage Originator Exam Steps Released by CFPB
January 23, 2012
January 24, 2012
The Consumer Financial Protection Bureau (CFPB) last week released its official Mortgage Origination Examination Procedures, which the agency said will serve as “a field guide for CFPB examiners looking at mortgage originators in both the bank and nonbank sectors of the industry.”
The CFPB’s exam procedures provide background information on the mortgage market and mortgage lender examinations and give detailed steps on how a lender can be properly examined, given its overall business model, loan disclosures and terms, and advertising and marketing practices. Steps on examining underwriting, appraisal, originator compensation, and closing practices, as well as fair lending and privacy rule compliance, are also included in the CFPB procedures.
The agency will coordinate with federal and state regulators “to maximize overall supervisory capability and minimize regulatory burden,” the release said.
Source: CUNA News Now
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Posted in Compliance News.