The Consumer Financial Protection Bureau (CFPB) recently issued revised versions of three mandatory consumer publications and released updated examination procedures to reflect the new mortgage rules that became effective this month.
Under the Real Estate Settlement Procedures Act and the Truth in Lending Act, publications on adjustable rate mortgages and home equity lines of credit must be given to applicants for those types of loans, and a settlement cost booklet must be given to all mortgage applicants. Lenders are permitted to use their existing supply of these printed publications but must use the new versions when reprinting.
The CFPB also updated examination procedures related to mortgage rules that became effective on January 10, 2014. The revisions harmonize existing procedures covering origination and servicing with the revised interagency procedures that address the newly effective mortgage regulations. Lenders can use these updated procedures as guidance on how the CFPB will conduct examinations.
Read more about the three revised publications: http://www.gpo.gov/fdsys/pkg/FR-2014-01-10/pdf/2014-00272.pdf
Read the servicing examination procedures: http://files.consumerfinance.gov/f/201401_cfpb_mortgage-servicing-exam-procedures.pdf
Read the origination examination procedures: http://files.consumerfinance.gov/f/201401_cfpb_mortgage-origination-exam-procedures.pdf