Guides have issued for small mortgage firms on three rules that were published earlier this year. The guides address compliance with the Home Ownership and Equity Protection Act, the Equal Credit Opportunity Act and the Truth in Lending Act.
Several rules issued in January by the Consumer Financial Protection Bureau included the 2013 HOEPA Rule, the ECOA Valuations Rule, and the TILA Higher-Priced Mortgage Loans Appraisal Rule.
On Thursday, the CFPB published Small Entity Compliance Guides for each of the three rules.
The regulator hopes to provide an overview of the rules in a plain language and frequently-asked-questions format that makes the content more accessible and usable for a broad array of industry constituents — especially smaller businesses with limited legal and compliance staff.
“Although the guides give an overview of the rules, they are not substitutes for the underlying rules,” the notice cautioned.
A guide for the Ability-to-Repay rule was released last month.
