A new guide aims to help mortgage lenders comply with an array of new rules emanating from the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
The 2013 Dodd-Frank Mortgage Rules Readiness Guide was released on Monday. It’s the first version of the publication.
The 22-page guide helps regulated institutions of all sizes analyze their preparedness for seven impending mortgage rules that go live next January. It includes important links for regulated entities.
The Consumer Financial Protection Bureau said the guide also highlights areas of concern that might be closely examined during a review.
In addition, according to the CFPB, the purpose of the guide is to focus the industry, and examiners, on key elements of a compliance management system that might warrant review, modification or some other enhancement.
Four parts of the guide include a summary of the seven mortgages rules; a “readiness questionnaire,” a frequently asked questions section and a tools section.
“The guide provides high level topics that institutions should consider as they implement these rule changes,” the CFPB stated in its announcement. “We plan to update this guide periodically as rule clarifications and amendments are finalized and we identify new issues through the implementation phase.”
