Written by JiJi Bahhur, Regulatory Compliance Counsel
Last week, the CFPB released its second update to its exam procedures in connection with the new mortgage regulations that were issued in January 2013. Specifically, the second update covers the Ability-to-Repay/Qualified Mortgages, high-cost mortgages, appraisals for higher-priced mortgage loans, the new amendments related to the escrows rule, the recent changes to the credit card rules, the mortgage origination rules issued through May 29, 2013, and mortgage servicing rules issued through July 10, 2013.
The updated exam procedures will, according to the CFPB’s press release, help financial institutions understand and prepare for how they will be examined in a number of different areas. For a list of some of examination areas from the second update and how to prepare for them, click here to view the second press release.
Also, if you’re interested in what examination areas were covered in the first update, click here to view the first press release.
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If you’re looking for further assistance with the mortgage rules, take a look at NAFCU’s mortgage rules resources page. Also, take a look at these NAFCU Monitor articles (NAFCU log-in required) we’ve written on the mortgage rules:
- Understanding the Qualified Mortgage Quagmire
- Small Creditor Portfolio Exemption for QMs Explained
- Understanding the Small Servicer Exemptions
- Mortgage Loan Originator Requirements for Qualification and Screening, Training and Disclosures
- New Appraisal Disclosure Requirements: Regulation B and Higher-Priced Mortgage Loans
- Escrow Requirements for Higher-Priced Mortgage Loans
- New Homeownership Counseling Disclosure Requirement
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It’s a good thing that the CFPB is making these updates and providing them to the industry, especially since it’ll be January, 2014 before we know it. Speaking of time flying . . . one year ago (from yesterday), my sweet babies – Kyse and Ava – were born. I cannot believe how quickly the time has come and went. I’m not going to bog you down with pictures at this very moment, but I assure you there will be pictures to share after this weekend . . . since I plan on having a big birthday bash for them!
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