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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?