Housing Market, Regulation

OCC issues updated guidance booklet on mortgage banking

occ-seal-slideThe OCC recently issued an updated guidance booklet on mortgage banking—part of the “Comptroller’s Handbook”—to include changes in mortgage servicing and other regulation, including the CFPB’s new mortgage rules.

The revised booklet combines guidance and examination procedures from national banks and federal savings associations. While the guide does provide an overview of Dodd-Frank-related mortgage rules, the booklet does not directly discuss the specific implications under each rule.

The CFPB recently issued rules imposing new requirements on mortgage servicing, loan origination compensation, ability-to-repay requirements, “qualified mortgage” regulation and the Secure and Fair Enforcement for Mortgage Licensing Act of 2008.

Under the new issuance, the booklet replaces the guide issued in 1996 and replaces section 750 issued in 2008, as well as OCC guidance on foreclosure management issued in 2011.

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