CFPB Updates Exam Guide for QM, Mortgage Rules

August 16, 2013
American Banker  
mortgage lending news

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."

Web Link

Abstract News © Copyright 2008-2013 INFORMATION, INC.
Powered by Information, Inc.

Stay Updated

Join the fight against predatory lending. Enter your e-mail to sign up for breaking news, action alerts, and CRL's original research.

   Please leave this field empty

Help Us End Predatory Lending

Predatory lending destroys family wealth, and preys on our most vulnerable communities. You can help us end abusive lending practices by donating to CRL, or by sharing our work with others.