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CFPB Releases Updated Mortgage Rules Readiness Guide

On December 12, 2013 the CFPB released its updated Mortgage Rules Readiness Guide.  The Guide provides a good summary of the recently finalized mortgage servicing rules to help financial institutions comply with the new mortgage servicing regulations.

The Guide also includes a questionnaire section to help financial institutions asses their compliance programs.

Among the questions outlined in the guide, the CFPB asks servicers:

  • Do your policies and procedures address the key components of the Mortgage Servicing provisions, including:
  • Periodic billing statements
  • Interest-rate adjustment notices for ARMs
  • Prompt payment crediting and payoff statements
  • Force-placed insurance
  • Error resolution and information requests
  • General servicing policies, procedures, and requirements
  • Do your policies contain all the relevant disclosures required by the new rules?
  • Do you use model disclosure forms and language contained in the regulatory guidance?