Compliance Outlook

CFPB Mortgage Rules Readiness

Guide

CFPB Mortgage Rules Readiness Guide

In January 2013, the Consumer Financial Protection Bureau (CFPB) issued eight final mortgage rules pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act.

On July 8, 2013 the CFPB released the first version of the 2013 Dodd-Frank Mortgage Rules Readiness Guide.

CFPB Mortgage Rules Readiness Guide

CFPB Mortgage Rules Readiness Guide Guide contains assistance with:

Ability-to-Repay and Qualified Mortgage Standards; Escrow Requirements under Truth in Lending Act; High-Cost Mortgage and Homeownership Counseling; Mortgage Servicing Rules; Equal Credit Opportunity Act Valuations for Loans Secured by a

First Lien on a Dwelling; Truth in Lending Act Appraisals for Higher-Priced Mortgage

Loans; and Loan Originator Compensation Requirements.

CFPB Mortgage Rules Readiness Guide

The Guide consists of:

• Part I – Summary of the Rules • Part II – Readiness Questionnaire • Part III – Frequently Asked Questions • Part IV – Tools

CFPB Mortgage Rules Readiness Guide

CFPB Mortgage Rules Readiness Guide

Readiness Questionnaire: Developing an implementation plan; Policies and procedures for each of the rules; Training requirements; Audit, compliance review and internal controls; Complaints; and Third party and vendor management.

CFPB Mortgage Rules Readiness Guide

Thank you for joining me for this review of the CFPB’s Mortgage Rules

Readiness Guide - Stay Tuned…Shawn Wolbert, CIA, CUCEDirector CU System Relations

101 S. Washington Square, Suite 900Lansing, MI 48933-1703(800) 262-6285 Ext. 486(734) 658-5427 MobileFollow me on Twitter – Shawn Wolbert @ Go2CUGuru