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Thursday, February 14, 2013

CFPB Lays Out Implementation Plan for New Mortgage Rules

The CFPB announced a plan it will implement over the next year that focuses on the mortgage industry’s compliance with new consumer protections that go into effect in January 2014.

Under the Dodd-Frank Act, the CFPB was required to issue new mortgage rules by Jan. 21, 2013. The CFPB met that deadline and set a January 2014 deadline for industry to comply.

In an effort to support rule implementation and ensure the industry is ready for the new mortgage rules, the CFPB announced it will:
  • Coordinate with other agencies to promote a consistent regulatory experience for the industry.
  • Publish plain-language guides and summaries of the regulations in both written and video form.
  • Publish updates to the official interpretations which will provide guidance on how to comply with the rules. These updates will allow the CFPB to address important questions raised by industry, consumer groups, or other agencies. The CFPB expects to issue the first update in the spring.
  • Publish readiness guides giving mortgage originators and servicers suggested implementation plans. The CFPB expects these to be available this summer. In addition, the CFPB notes that more in-depth examination procedures are expected to be published later this year by the Federal Financial Institutions Examination Council.
  • Educate consumers with information about the new rules.
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