Alert February 19, 2013

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.