|Theme||Housing Finance Policy|
The Consumer Financial Protection Bureau's (CFPB's) Dodd-Frank Mortgage Rules Readiness Guide has been posted on the CFPB’s website. The guide will assist lending institutions to evaluate whether they are ready for the impending changes in mortgages rules slated to take place between June 1, 2013 and mid-January 2014. Some of the topics covered are:
The four part guide contains a summary of the rules listed above and their
dates of implementation. Part II consists of an extensive
questionnaire/checklist lenders can use to assess their readiness in compliance
areas such as developing an implementation plan, the appropriateness of their
policies and procedures, training, audits and quality control, complaints and
vendor management. Part III is a compendium of commonly asked questions and
their answers, and Part IV, Tools, contains an extensive list of web
links that provide additional information, help, and support.
CFPB said it plans to periodically update the document which is available only online.
Link to the guide: http://hofinet.org/documents/doc.aspx?id=2013
Link to CFPB Website: http://www.consumerfinance.gov/