CFPB Releases Exam Procedures For New Mortgage Rules

Law360, New York (June 4, 2013, 5:27 PM EDT) -- The Consumer Financial Protection Bureau on Tuesday released the examination procedures it will use when evaluating banks' and other mortgage lenders' compliance with a raft of new mortgage rules set to go into effect in January.

The examination guidelines are part of a broad CFPB effort to help banks and mortgage lenders understand the rules, including the new standard for the highest quality, so-called qualified mortgages, appraisals, escrow accounts and compensation and qualifications for loan originators before they go into effect. That effort includes plain language...
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