The Consumer Financial Protection Bureau released exam guidelines on how the bureau plans to enforce the recently released mortgage rules.
"The CFPB recognizes that the easier we make it for financial institutions and mortgage companies to follow the new regulations, the better off consumers will be," CFPB Director Richard Cordray said in a press release. "By releasing details of what our examiners will be looking for well in advance of the effective date of most of the rules, we are giving industry more time to adjust."
The guidance, released Tuesday, details what examiners expect of lenders when the mortgage regulations go into effect in January 2014.
For the full piece see "CFPB Unveils Exam Guidance for Mortgage Rules" (may require subscription).