Tim Rood wrote an interesting post today on
Here’s a quick excerpt
The Consumer
Financial Protection Bureau is giving financial and mortgage
companies a heads-up about what examiners will be looking for under
new mortgage regulations scheduled to take affect in January 2014.
It issued updates to its examination procedures today including those
on appraisals, escrow accounts, compensation, and qualifications for
loan originators.
“The CFPB
recognizes that the easier we make it for financial institutions and
mortgage companies to follow the new regulations, the better off
consumers will be,” said CFPB Director Richard Cordray. “By
releasing details of what our examiners will be looking for well in
advance of the effective date of most of the rules, we are giving
industry more time to adjust.”
…(read more)
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