To help lenders determine whether they are prepared for implementation of new mortgage rules slated to take effect by mid-January 2014, the Consumer Financial Protection Bureau (CFPB) has released its Dodd-Frank Mortgage Rules Readiness Guide.
The guide provides a general overview of the new rules and breaks them down by topic area. Topics covered include the following:
- Ability to Repay and Qualified Mortgage Standards (Regulation Z);
- Escrow Requirements under the Truth in Lending Act;
- High Cost Mortgage and Homeownership Counseling;
- Mortgage Services Rules;
- ECOA Appraisals for Higher-Priced Mortgage Loans;
- TILA Appraisals for Higher-Priced Mortgages Loans; and
- Loan Originator Compensation Requirements.
Part I of the four-part guide contains a summary of the rules listed above and their dates of implementation. Part II includes a questionnaire/checklist lenders can use to assess their readiness. Part III is a FAQ section, and Part IV contains an extensive list of Web resources lenders can use to get information, help and support.
The CFPB plans to periodically update the document, which is available only online, and welcomes comments and suggestions from users.
To download a copy of the guide, click here.