More regulatory guides have been released on recently finalized rules including the loan officer compensation rule. The guides are designed to make compliance simpler.
A month ago, the Consumer Financial Protection Bureau released guides for the Home Ownership and Equity Protection Act rule, the Equal Credit Opportunity Act Valuations Rule and the Truth in Lending Act’s Higher-Priced Mortgage Loans Appraisal Rule.
Now the regulator is releasing Small Entity Compliance Guides for another pair of rules. The guides are intended to make it simpler to comply.
“Our goal with these guides is to provide an overview of the rules in a plain language and FAQ format which makes the content more accessible and consumable for a broad array of industry constituents, especially smaller businesses with limited legal and compliance staff,” the bureau said. “Although the guides give an overview of the rules, they are not substitutes for the underlying rules.”
The first guide is the 2013 Loan Originator Rule Small Entity Compliance Guide.
The second publication is the 2013 Real Estate Settlement Procedures Act (Regulation X) and Truth in Lending Act (Regulation Z) Mortgage Servicing Final Rules Small Entity Compliance Guide.
