An updated guide is intended to help lenders, servicers and financial institutions determine whether they are prepared for a host of new mortgage rules.
The updated Mortgage Rules Readiness Guide tackles new mortgage regulations that were issued in January and amended through Oct. 15.
Covered in the updated guide are changes made to Regulation Z, which implements the Truth in Lending Act.
Also addressed are changes to Regulation X, the implementing regulation for the Real Estate Settlement Procedures Act.
The updated guide was announced Thursday by the Consumer Financial Protection Bureau.
It is a 21-page PDF document with four sections including a summary of the seven mortgages rules, a “readiness questionnaire,” a frequently asked questions section and a tools section..
“This update offers financial institutions and other industry participants valuable guidance on how to evaluate their readiness for complying with the 2013 mortgage rule changes,” the CFPB bulletin stated.
The first version of the guide was originally released in July.
The regulator noted that the guide is not a substitute for the rules, and only the rules and their official interpretations can provide complete and definitive information regarding their requirements.
