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Monday, June 10, 2013

CFPB Releases Compliance Guides on Loan Origination, Servicing

The CFPB has issued small entity compliance guides for the loan originator and mortgage servicing rules that were finalized in January and take effect January 10, 2014. These are the final compliance guides to be released for the bureau's suite of mortgage rules.

The loan originator rule regulates how and by whom loan originators are paid, governs their qualifications and identification, prohibits mandatory arbitration clauses and waivers of federal statutory causes of action in contracts, among other provisions.

The mortgage servicing rules cover error resolution and information requests, lender-placed insurance, early intervention and continuity of contact with delinquent consumers, loss mitigation, interest rate adjustment notices for ARMs and prompt crediting of mortgage payments, among other provisions.

Servicers with 5,000 or fewer mortgage loans and that do not service loans they did not originate may qualify for exemptions from portions of the rule. The guide covers some additional exemptions from the rule.

Loan originator compliance guide.
Mortgage servicing compliance guide.

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