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Wednesday, May 21, 2014

ABA Updates Mortgage Compliance FAQs

Incorporating informal guidance obtained from CFPB staff during a recent ABA webcast, ABA has updated two sets of frequently asked compliance questions relating to the CFPB’s mortgage origination and servicing rules.

The updated origination FAQs cover the determination of residual income, increasing an interest rate to offset points and fees, seller credits to reduce points and fees, construction-to-permanent financing, disclosure of valuation materials and the definition of “business day.”

The updated servicing FAQs examine calculating delinquency, vacant and abandoned properties, foreclosure for reasons other than delinquency, “collection contracts,” periodic statements for accelerated loans and other servicing-related matters.

Read the updated origination FAQs.
Read the updated servicing FAQs.

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