CFPB Releases Mortgage Rules Readiness Guide
On July 8, the CFBP issued a press release with its first version of the 2013 Dodd-Frank Mortgage Rules Readiness Guide. The CFPB indicates that the guide’s purpose is to:
- Assist regulated entities in achieving compliance with the mortgage rules
- Highlight key issue areas that may be closely examined during a review
- Focus the industry and examiners on key elements of a compliance management system that may warrant review, modification or other enhancement.
The guide consists of a summary of the mortgage rules, a readiness questionnaire, frequently asked questions and tools to help institutions of all sizes become compliant. The CFPB is planning to update this guide periodically as amendments to the rules are finalized and new issues are identified through the implementation phase. The guide can be found here. Compliance with the final rule will become mandatory on Jan. 18, 2014.
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