Procedures for conducting mortgage examinations have been updated to reflect previously issued mortgage rules. The updates impact both origination and servicing exams.
Updates to the Consumer Financial Protection Bureau’s procedures for mortgage origination exams were released Friday, a bulletin from the regulator said.
In addition, updates to servicing exam procedures were also issued by the federal regulator, the notice indicated.
Both sets of updates cover final rules issued by CFPB through November 2013.
The examination procedures will be incorporated at a later date into the supervision and examination manual — which the CFPB said provides guidance on how examinations are conducted.
“These updates harmonize existing procedures for handling mortgage origination and mortgage servicing examinations with the revised interagency procedures that address the new mortgage regulations issued in January 2013, which have now taken effect,” the CFPB stated.
