New procedures have been published that reflect new mortgage rules and what mortgage firms can expect from compliance examinations.
New updates to the Consumer Financial Protection Bureau’s exam procedures were released on Wednesday, a news release said.
The updated procedures are tied to new mortgage regulations that the bureau issued in January and amended through Oct. 15.
Most of the new rules go into effect in January.
The updates are intended to provide financial institutions and other industry participants with valuable guidance on how the CFPB will conduct examinations for compliance with the Truth in Lending Act and the Real Estate Settlement Procedures Act.
“The manual now contains exam procedures for both RESPA and TILA, covering final rules issued by CFPB through Oct. 15, 2013,” the notice stated.
Along with the updated manual, the regulator issued additional guidance for RESPA procedures and TILA procedures.
