CFPB Releases Procedures for New Mortgage Rules

June 4, 2013
The Hill 
consumer financial protection bureau news

The Consumer Financial Protection Bureau on June 4 rolled the first set of procedures that banks will have to comply with under new mortgage regulations taking effect in January. "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 Richard Cordray, who directs the watchdog agency. The changes will dictate qualifications and screening standards for loan originators, address compensation for loan officers, block mandatory arbitration, compel lenders to offer free appraisal reports, and ban single-premium credit insurance. They represent the first round of what will likely be several updates.
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