CFPB uploads mortgage rule videos onto Youtube channel

cfpbThe CFPB announced on Wednesday the availability of several Youtube videos featuring plain-language information on the agency’s new mortgage rules.

The videos relate to mortgage servicing, the Truth in Lending Act’s escrow rule, loan originator compensation rule, ability-to-repay—or QM—rule, the Home Ownership and Equity Protection Act and Equal Credit Opportunity Act valuations and appraisal rules for higher-priced mortgages under TILA.

“Our goal with these is to provide an overview of the rules in a plain language format that makes the content more accessible and consumable for a broad array of industry constituents, especially smaller businesses with limited legal and compliance staff,” the CFPB said, adding, however, that the videos are not a substitute for compliance personnel and that entities should still rely on actual rules for guidance.

The videos are the latest attempt by the CFPB to explain its mortgage rues. The National Association of Federal Credit Unions has urged the CFPB to develop a formal process for credit unions to seek guidance and clarification on agency rules.

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