The Consumer Financial Protection Bureau (CFPB) recently published the 2013 CFPB Dodd-Frank Mortgage Rules Readiness Guide (the Guide) to help financial institutions come into and maintain compliance with the new mortgage rules.
The CFPB has designed this guide for use by institutions of all sizes. The Guide summarizes the mortgage rules finalized by the CFPB in January 2013, although it is not a substitute for the rules. Only the rules and their official interpretations can provide complete and definitive information regarding their requirements.
Each rule includes a hyperlink with additional information, which includes Small Entity Compliance Guides intended to make the rule easier to digest along with videos outlining the main elements of the rule.
The Guide consists of:
Part I - Summary of the Rules
Part II - Readiness Questionnaire
Part III - Frequently Asked Questions
Part IV - Tools
The Part II - Readiness Questionnaire is not intended to encompass all details of a comprehensive compliance program. For example, it is not a replacement for the examination procedures or regulations; rather it is intended to serve as a guide in preparing for implementation of the mortgage rules and in performing a self-assessment.
This Guide is available online only and will be updated periodically. The CFPB invites your feedback on this guide. How useful is it in preparing for compliance with the rules? Do you have suggestions for improving it? Please send feedback to CFPB_TitleXIVRules@cfpb.gov.
For more information about CFPB supervision policies and procedures, please contact CFPB_Supervision@CFPB.gov. If you are supervised by an agency other than the CFPB, please contact that agency with questions about supervision policies and procedures.