“ABA and law firm BuckleySandler released “The New CFPB Mortgage Origination Rules Deskbook,” a free and comprehensive reference guide to help bankers understand and comply with the CFPB’s rules when originating loans.
The ABA members-only deskbook — available in a printable electronic format — consolidates all available CFPB compliance guidance. In addition to the rule text and official commentary, the deskbook encompasses CFPB interpretive rules, bulletins, small entity compliance guides, webinars and conference presentations and is intended to be a “one stop shop” for origination compliance.
Authored by BuckleySandler partner Joseph Reilly, the deskbook covers ability-to-repay and Qualified Mortgage requirements, points and fees, loan originator compensation, appraisals, high-cost mortgages and QM provisions for Federal Housing Administration and Veterans Administration loans, among others. It also offers a summary of the TILA-RESPA disclosure integration taking effect next year.”
If you are a community Bank and are looking to be proactive with the CFPB’s mortgage rules, I would strongly suggest becoming a member of the ABA and downloading this deskbook. Being proactive in the Banking Industries current regulatory environment can only help when it comes to examination time. I have always believed that the more you show the regulators you are willing to comply, the better the examination experience may be.
Download the deskbook.
Indicates ABA members-only material.
Not an ABA member?
Learn about the benefits of membership and ways to join here.
The OnCourse writing staff work to keep you informed about the most pertinent financial industry news of the moment