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CFPB Issues Updated Examination Procedures under RESPA and TILA
On November 27, 2013, The Consumer Financial Protection Bureau (CFPB) issued updates to the examination procedures for the mortgage rules effective in January 2014, under RESPA and TILA. The new procedures incorporate the amendments to the proposed rules that were released on January 17, July 10, September 12 and October 15 of 2013. A summary of each of those amendments is included in the updated procedures.
The amendments also included new provisions related to escrow payments and force-placed insurance. The amendments are effective as of January 10, 2014.