CFPB clarifies servicing, mortgage originator rules
In effort to ease the transition into the new compliance and regulation rules by the Consumer Financial Protection Bureau, the bureau keeps releasing guides to provide an overview of the rules in a plain language.
Most recently, the CFPB released a summary outline of the final rule on mortgage originator qualifications and compensation practices. In addition, the CFPB released a summary of the final mortgage servicing rules.
The servicing summary covers nine major topics, including periodic billing statements, force-placed insurance and early intervention with delinquent borrowers.
Meanwhile, the mortgage loan originator guide focuses on the critical role that loan officers and mortgage brokers play in the loan origination process, the CFPB said.
The Bureau said it plans to update the guides periodically as rule clarifications are finalized.