News : Financial Readiness

Readiness Guide 4.0 and Updated Mortgage Examination Procedures are issued

Wednesday, September 16, 2015   (0 Comments)
Posted by: Jennifer Hernandez
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Readiness Guide 4.0 and Updated Mortgage Examination Procedures are issued

 

Yesterday, we released three supervisory publications that are updated to include the new, October 3, 2015 effective date for the Know Before You Owe mortgage disclosure rule that integrates the mortgage loan disclosures required under the Truth in Lending Act (TILA) and sections 4 and 5 of the Real Estate Settlement Procedures Act (RESPA).  

Check out the Readiness Guide 4.0: 
www.consumerfinance.gov/guidance

This update offers financial institutions and industry participants valuable guidance on how to evaluate their readiness for complying with the mortgage rule changes.  

Check out the latest Examination Procedures:
www.consumerfinance.gov/guidance/supervision/manual

They include the interagency TILA and RESPA examination procedures, developed in coordination with the members of the Federal Financial Institutions Examination Council Consumer Compliance Task Force and CFPB’s Mortgage Origination examination procedures.

We hope you'll familiarize yourself with the rules we've issued and the related available resources.

Thank you,

Consumer Financial Protection Bureau



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