CFPB Gives Mortgage Lenders Heads-up on Exam Procedures

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Posted To: MND NewsWire

The Consumer Financial Protection Bureau is giving financial and mortgage companies a heads-up about what examiners will be looking for under new mortgage regulations scheduled to take affect in January 2014. It issued updates to its examination procedures today including those on appraisals, escrow accounts, compensation, and qualifications for loan originators. "The CFPB recognizes that the easier we make it for financial institutions and mortgage companies to follow the new regulations, the better off consumers will be," said CFPB Director Richard Cordray. "By releasing details of what our examiners will be looking for well in advance of the effective date of most of the rules, we are giving industry more time to adjust." The interim examination procedures released today update the applicable...(read more)

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Source: http://www.mortgagenewsdaily.com/06042013_cfpb_dodd_frank_rules.asp

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