CFPB Releases Updated Mortgage Origination Examination Procedures
May 4, 2015, the Consumer Financial Protection Bureau (CFPB) released an update to the bureau’s Mortgage Origination examination procedures. The update offers financial institutions and other industry participants valuable guidance on how the CFPB will conduct examinations for compliance with the TILA-RESPA Integrated Disclosure Rule which will become effective August 1, 2015. The procedures have also been re-organized for consistency and clarity.
Please click on the following links to view the CFPB’s examination manuals:
The CFPB Supervision and Examination Manual (Manual) is a guide for examiners to use in overseeing companies that provide consumer financial products and services. The manual describes how the CFPB supervises and examines these providers and gives the bureau’s examiners direction on how to determine if companies are complying with consumer financial protection laws.
Examination manuals provide internal guidance to supervisory staff of the CFPB. They do not bind the CFPB and do not create any rights, benefits, or defenses, substantive or procedural, that are enforceable by any party in any manner. While every effort has been made to ensure accuracy, examination procedures should not be relied on as a legal reference.
Please reference the CFPB’s website to access all of the CFPB’s examination manuals, guidance, other publications and all issues of Supervisory Highlights.
Anna DeSimone founded Bankers Advisory in 1986 and is a nationally recognized authority in residential mortgage lending. She has received numerous industry awards and has authored more than 40 best practices guides and hundreds of articles.
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