CFPB Issues Residential Compliance Guides

Investor Update: On June 10, Inside Mortgage Finance issued a release titled CFPB Issues Compliance Guides for Residential Lending, Servicing.

Link to Servicing Guide
Link to Lending Guide

CFPB Issues Compliance Guides for Residential Lending, Servicing

The Consumer Financial Protection Bureau late last week released two more compliance guides for small entities – one that addresses the agency’s loan originator rule, another that covers residential servicing.

"Our goal with these guides is to provide an overview of the rules in a plain language and FAQ [frequently asked questions] 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 CFPB said.

However, the regulator added that although the guides give an overview of the rules, they are not substitutes for the underlying rules. With these latest postings, compliance guides are now available for all of the new mortgage rules originally issued by the CFPB in January.

The bureau plans to update these guides periodically as rule clarifications are finalized as part of its ongoing commitment to supporting implementation of the new mortgage rules. Look for more detailed coverage in the next issue of Inside the CFPB.

To view the online release, please click here.



About Safeguard 
Safeguard Properties is the largest mortgage field services company in the U.S. Founded in 1990 by Robert Klein and based in Valley View, Ohio, the company inspects and maintains defaulted and foreclosed properties for mortgage servicers, lenders,  and other financial institutions. Safeguard employs approximately 1,700 people, in addition to a network of thousands of contractors nationally. Website: www.safeguardproperties.com.

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