CFPB reveals exam procedures set to govern new mortgage rules

Julie C. Nichols General – Bryan Kay

The Consumer Financial Protection Bureau unveiled the latest updates to the exam procedures it will use to scrutinize financial institutions and mortgage companies when new market regulations go into effect next January. The government regulatory body said the move is aimed at providing the entities subject to the rules with ample opportunity to comply. Many of the rules, which cover appraisals, escrow accounts, and compensation and qualifications for loan originators, grew out of the Dodd-Frank Wall Street Reform and Consumer Protection Act — an attempt at reforming the mortgage market in the wake of the financial crisis.

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