This memorandum is to advise you of the Consumer Financial Protection Bureau’s June 4, 2013, press release notifying the mortgage lending industry of updated exam procedures for the mortgage rules issued in January 2013. A redacted text of the CFPB press release is reprinted below for your information and use: Today, the Consumer Financial Protection Bureau (CFPB) published the first update to its exam procedures for the new mortgage regulations it issued in January 2013. The exam procedures offer financial institutions and mortgage companies valuable guidance on what the CFPB will be looking for as the rules become effective. The new regulations include those on appraisals, escrow accounts, and compensation and qualifications for loan originators. In January, the CFPB issued numerous new regulations reforming the mortgage market. The rules cover many stages of a consumer’s mortgage experience, from shopping for a loan to paying it off. Most of the CFPB’s new rules go into effect in January 2014. See attached for complete memorandum
