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Wednesday, February 26, 2014

Agencies Releases Revised Mortgage Rule Procedures

The FDIC has released revised interagency consumer compliance examination procedures for the Dodd-Frank Act mortgage rules. The revised procedures, applicable to all FDIC-supervised institutions, will be used to evaluate institutions’ compliance with the following residential mortgage loan rules:

  • Ability-to-Repay/Qualified Mortgage Rule
  • Loan Originator Compensation Rule
  • Mortgage Servicing Rules (RESPA and TILA)
  • High-Cost Mortgage and Homeownership Counseling Amendments Rule
  • Higher-Priced Mortgage Loan (HPML) Escrow Rule
  • HPML Appraisal Rule
  • Equal Credit Opportunity Act (ECOA) Appraisal Rule

During the initial examination, the FDIC will expect financial institutions to be familiar with the mortgage rules’ requirements and have in place implementation plans that include clear timeframes and benchmarks for making the necessary changes.

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