CFPB Publishes Compliance Guides for the Loan Originator and Mortgage Servicing Rules

The CFPB has issued another round of new “plain-English” rule overviews; the latest addressing Loan Originator and Mortgage Servicing Rules. The weekly compliance report covers the bases for credit union professionals.

On Friday June 7, 2013, the Consumer Financial Protection Bureau (CFPB) published Small Entity Compliance Guides for the Loan Originator Rule and the Mortgage Servicing Rules.

The goal with these guides is to provide an overview of the rules in a plain language and FAQ 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. Although the guides give an overview of the rules, they are not substitutes for the underlying rules.

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.

Find the guides here:

 

Questions? Contact the Compliance Hotline: 1.800.546.4465, compliance@nwcua.org.