In efforts to better prepare mortgage lenders for new mortgage regulations set to take effect in January 2014, the Consumer Financial Protection Bureau (CFPB) this week has issued a “Readiness Guide” intended to boost lender compliance as the implementation deadline approaches.
The updated, 21-page guide includes changes made to Regulation Z, which is the implementing regulation for the Truth in Lending Act (TILA), and to Regulation X, the implementing rule for the Real Estate Settlement Procedures Act (RESPA).
Updates within the Readiness Guide reflect the new mortgage rules issued in January 2013 that were amended through October 15, 2013, detailing Ability-to-Repay and Qualified Mortgage Standards, escrow requirements under TILA, mortgage servicing rules in accordance with RESPA, among others.
Each rule description also includes a hyperlink with additional information that the CFPB intends will make the rule “easier to digest,” as well as links to videos outlining the main elements of the rule.
There is also a questionnaire section intended to serve as a guide in preparing for the upcoming implementation of the mortgage rules, enabling lenders to perform a self-assessment of their preparedness.
Click here to access the Readiness Guide.
Written by Jason Oliva