We’ve previously told you about the HPML Escrow Rule and Ability to Repay and Qualified Mortgage Small
Higher-Priced Mortgage Loan Appraisal Rule
High-Cost Mortgage and Homeownership Counseling Rule
The CFPB has also released YouTube videos to help in understanding the requirements of the new rules. A link to the videos can be found under each individual rule from The CFPB’s Regulations page.
As we’ve mentioned, the CFPB does not consider these Guides a substitute for reading the rules themselves, as there are detailed requirements in the rules that cannot be found in the guides. However, all of these guides do contain “Implementation Tips”; which provide suggestions on things you may want to consider while looking at your current practices and determining what changes you may need to make going forward.
Compliance Guides are now available for all of the Final Rules issued in January 2013. The Bureau does intend to update them on a periodic basis.
Published
2013/06/21
Diane Dean