The Consumer Financial Protection Bureau on Aug. 15 issued updated exam procedures for a number of mortgage rules set to take effect next year. The interim exam procedures cover far more details and rules related to mortgages than when the agency released its first round of exam guidance in June.
The updates cover how the CFPB will examine lenders for compliance with rules governing ability-to-repay standards, qualified mortgages, high-cost mortgages, and appraisals for higher-priced mortgages. They also now include the mortgage origination rules issued on May 29 and mortgage servicing rules released on July 10. "We are committed to transparency around our examination process," said CFPB director Richard Cordray. "So we have worked hard to provide industry with advance notice of what we will be expecting. That, in turn, will improve compliance and benefit consumers."