The Consumer Financial Protection Bureau (CFPB) recently released revised exam procedures and updated its Ability-to-Repay and Qualified Mortgage Rule Small Entity Compliance Guide to include new and amended mortgage rules.
Supplementing interim procedures released in June, the revised exam procedures cover new rules on ability-to-repay, points and fees, servicing, and appraisals under the Truth-in-Lending Act (TILA) and the Real Estate Settlement Procedures (RESPA). The procedures are intended to help banks understand and prepare for how they will be examined. The CFPB is also coordinating with other federal banking regulators to ensure they have a shared understanding of the new rules.
The updated small entity compliance guide for the Ability-to-Repay and Qualified Mortgage Rule incorporates amendments and clarifications regarding exemptions for certain creditors and loan programs, calculation of points and fees, APR thresholds, and debt-to-income limits.
Both updates cover origination rules issued through May 29, 2013 and servicing rules issued through July 10, 2013.
Read More and Access Exam Procedures: http://www.consumerfinance.gov/pressreleases/41199/