CFPB Announces Implementation Plan for Mortgage Rules

The CFPB announced its plan to implement the new mortgage rules that go into effect in January 2014, including the ability-to-repay rules and mortgage servicing rules (see January 9, 2013 Alert). Notably, the CFPB plans to publish plain language guides and videos in the spring; publish readiness guides this summer and revised examination procedures later in the year; and publish updates to its official interpretations to address important questions raised by industry, consumer groups, and other agencies throughout the year. The CFPB also plans to conduct a consumer education campaign, similar to the article regarding qualified mortgages posted on the CFPB’s blog.