US Dodd-Frank Mortgage Rules Readiness Guide

Date Published 7/10/2013
Author Marja Hoek-Smit
Theme Housing Finance Policy
Country United States

The Consumer Financial Protection Bureau's (CFPB's) Dodd-Frank Mortgage Rules Readiness Guide has been posted on the CFPB’s website. The guide will assist lending institutions to evaluate whether they are ready for the impending changes in mortgages rules slated to take place between June 1, 2013 and mid-January 2014. Some of the topics covered are:

  • Ability to Repay and Qualified Mortgage Standards (Regulation Z)
  • Escrow Requirements under the Truth in Lending Act
  • High Cost Mortgage and Homeownership Counseling
  • Mortgage Services Rules
  • ECOA Appraisals for Higher Priced Mortgage Loans
  • TILA Appraisals for Higher-Priced Mortgages Loans
  • Loan Originator Compensation Requirements
The four part guide contains a summary of the rules listed above and their dates of implementation. Part II consists of an extensive questionnaire/checklist lenders can use to assess their readiness in compliance areas such as developing an implementation plan, the appropriateness of their policies and procedures, training, audits and quality control, complaints and vendor management. Part III is a compendium of commonly asked questions and their answers, and Part IV, Tools, contains an extensive list of web links that provide additional information, help, and support.

CFPB said it plans to periodically update the document which is available only online.

Link to the guide:

Link to CFPB Website:

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