CFPB Launches Plan to Help Lenders Comply With New Rules
February 14, 2013
The Consumer Financial Protection Bureau is implementing a yearlong plan to help lenders satisfy a wave of new mortgage rules by the 2014 deadline. The agency on Wednesday reiterated plans to release "easy-to-understand summaries" of its regulations, including qualified mortgage and ability-to-repay rules, in print and video formats as well as "official interpretations" on rule adoption throughout the year. By summer, it projected, the bureau also will begin posting checklists to help mortgage lenders and servicers update their practices for compliance with the new rules. On the consumer end, the CFPB said it would launch a "broad-reaching consumer education campaign" on the new rules closer to next January's deadline. "Both consumers and industry will win when the new rules are understood, applied, and carried out evenly and effectively," said CFPB director Richard Cordray. "Mortgage borrowers, who have dealt with much heartache since the financial crisis, deserve this level of attentiveness."
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