In January 2013, the Consumer Financial Protection Bureau (CFPB) issued a series of new rules affecting the mortgage industry. These rules touch upon a wide variety of areas, including originations, appraisals, and servicing. The rules become effective at various dates, but generally they become operative either on June 1, 2013, or in January 2014.
Recently, the CFPB released plain-language guides for each of the rules, which are available on the CFPB’s YouTube channel. They are in video form and summarize each of the upcoming rules in an easy-to-understand manner. The most recent release contains a single video that provides an overview of all of the rules together, as well as shorter videos that focus on each rule individually.
Following are the mortgage rules for which the CFPB issued separate guides:
- Ability-to-Repay and Qualified Mortgage Rule
- 2013 Home Ownership and Equity Protection Act (HOEPA) Rule
- Equal Credit Opportunity Act (ECOA) Valuations and Truth in Lending Act (TILA) Higher-Priced Mortgage Loans Appraisal Rules
- Loan Originator Compensation Rule
- Mortgage Servicing Rules
- TILA Escrow Rule