Alert June 25, 2013

CFPB Launches Mortgage Rules Implementation Page

The CFPB launched a webpage to assist in complying with newly adopted mortgage rules, most of which are effective in January 2014 (see January 10, 2013 Alert discussing ability-to-repay and qualified mortgage rule and January 22, 2013 Alert discussing mortgage rules). The webpage feature links to compliance guides and videos providing information on how to comply with the mortgage rules, including, the ability-to-repay and qualified mortgage rules, the rules governing loan originator compensation and escrow requirements and the mortgage servicing rules, among other rules.