The CFPB released its mortgage rules readiness guide on Monday intended to aid lenders in preparing for new D0dd-Frank mortgage rules set to take effect next year.
“Our goal is to provide a guide that can be used by institutions of all sizes to evaluate their readiness for the impending mortgage rule changes,” the CFPB said, according to Reverse Mortgage Daily. “The guide provides high level topics that institutions should consider as they implement these rule changes.”
The agency said the guide is designed to help regulated entities achieve compliance with mortgage rules, shine light on key areas that will be the focus of reviews and focus the lending community on areas of compliance management that may need additional attention.
The guide includes a rule summary, readiness questionnaire, FAQ section and CFPB-prepared tools and resources designed to assist in rule compliance.
Additionally, the CFPB said it will regularly update the guide based on any future rule changes.
“We plan to update this guide periodically as rule clarifications and amendments are finalized and we identify new issues through the implementation phase,” the CFPB said, Reverse Mortgage Daily reports.