allregs cfpb: where are we going?
TRANSCRIPT
SUMMER 2013Final Rule: Integrationof Disclosures under
RESPA & TILA
CFPB1,099 pages of
complicated changes in
proposed rule
During the loanapplication, the Good Faith Estimate (GFE) and Truth in Lending Statement (TIL) replaced by a three-pageloan estimate.
During closing,TIL and the HUD-1
replaced by a five-page closing
disclosure
www.allregs.com
Where DoWe Go FromHere?
Coordinate with Other Agencies to Ensure a Shared
Understanding of the New Rules
Publish Plain-Lanquage
Guides
Publish Updates to theOfficial Interpretationsto Address Questions
or Issues
Posting of Videos on YouTubeExplaining the Rules
PublishReadiness
Guides
EducateConsumers
In 2013, CFPB is planning to prepare the mortgage industry for compliance in the following ways:
Sources:
The CFPB Websitehttp://www.consumerfinance.gov/
AllRegs Compliance Commentary: 2011 - The Year of the Bureau of Consumer Financial Protection. What’s Ahead for 2012?http://solutions.allregs.com/2011-the-year-of-the-bureau-of-consumer-financial-protection/
AllRegs Compliance Commentary: 2012: A Year for Proposals, 2013: A Year for Actionhttp://solutions.allregs.com/2012-a-year-for-proposals-2013-a-year-for-action/
AllRegs Compliance Commentary: 2013 Regulatory Reform Series: Qualified Mortgage, High Cost Mortgages and Higher-Priced Mortgage Loanshttp://solutions.allregs.com/may-the-regulators-be-ever-in-your-favor/
AllRegs Compliance Commentary: CFPB Announces Implementation Plan for New Mortgage Ruleshttp://solutions.allregs.com/cfpb-announces-implementation-plan-for-new-mortgage-rules/
AllRegs Compliance Commentary: CFPB Finalizes Mortgage Servicing Rules under RESPA and TILAhttp://solutions.allregs.com/cfpb-finalizes-mortgage-servicing-rules-under-respa-and-tila/
AllRegs Compliance Commentary: CFPB Issues Ability-to-Repay and Qualified Mortgage Final Rulehttp://solutions.allregs.com/cfpb-issues-ability-to-repay-and-qualified-mortgage-final-rule/
AllRegs Compliance Commentary: CFPB Issues Rule to Protect Consumers from Irresponsible Mortgage Lendinghttp://solutions.allregs.com/cfpb-issues-rule-to-protect-consumers-from-irresponsible-mortgage-lending/
AllRegs Compliance Commentary: CFPB Monitors Mortgage Servicing Transfer Activityhttp://solutions.allregs.com/cfpb-monitors-mortgage-servicing-transfer-activity/
AllRegs Compliance Commentary: CFPB Releases Consumer Complaint Datahttp://solutions.allregs.com/cfpb-releases-consumer-complaint-data/
Consumer Financial Protection Bureau Lays Out Implementation Plan for New Mortgage Rules by the CFPB http://www.consumerfinance.gov/pressreleases/consumer-financial-protection-bureau-lays-out-implementation-plan-for-new-mortgage-rules/
AllRegs Compliance Commentary: Financial Reform: The Bureau of Consumer Financial Protectionhttp://solutions.allregs.com/pages/Bureau-of-Consumer-Financial-Protection.html
The Woman Who Knew Too Muchhttp://www.vanityfair.com/politics/features/2011/11/elizabeth-warren-201111
Copyright 2013 AllRegs. All Rights Reserved.
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To get your team ready for CFPB compliance, learn more about our Compliance Management System athttp://solutions.allregs.com/compliance-management-system/
Results of the Final Rule for Qualified Residential Mortgage (QRM):
5% risk retention provisions (“skin in the game”)
New Proposed Rule defining QRM
as a Qualified Mortgage
(QM) “plus”!
(with potential for additional U/W parameters)
Affects loan
securitization
Here are some highlightsfrom the proposed rule!