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CFPB Weekly Update: The CFPB Updates Its Examination Manual and Offers Guidance on the Ability to Repay and Qualified Mortgage Rules

August 16, 2013

I do not have much of an update this week, and I will cut to the chase and spare you of my usual dry (yet witty) humor with respect to the latest with the CFPB.

1. On August 15, 2013, the CFPB released a second update to its examination procedures concerning the new mortgage regulations that it issued in January 2013.  The new portions of the examination manual are here. The examination procedures offer guidance with respect to what the CFPB will be looking for during examinations when most of the new mortgage rules, as set forth in amendments to the TILA and RESPA, become effective in January 2014.  The examination guidance includes, but is not limited to, the new ability-to-repay/qualified mortgages rules, high-cost mortgages rules, appraisals for higher-priced mortgage loans rules, amendments related to the escrows rule and recent changes to credit card rules.

2. Not coincidentally, the CFPB released a Small Entity Compliance Guide on August 14, 2013 concerning the ability to repay and qualified mortgage rule.  The guide is here.  According the CFPB, the guide will help entities that originate closed-end residential mortgage loans determine their compliance obligations for the mortgage loans that they originate.  The CFPB also believes that the guide may be helpful to secondary market participants, software providers, and other companies that serve as business partners to creditors.

That is all for this week.  Please remember that all of our prior updates are on our website, www.cfpaguide.com/weeklyupdates.

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