As reported by the Michigan Bankers Association, the Consumer Financial Protection Bureau (CFPB) issued a new “updated” mortgage rules readiness guide. The update attempts to simply the cumbersome regulations into guidelines including readiness charts and compliance aids to assist in interpreting existing mortgage regulations.
The updated guides incorporate changes to Regulation Z, implementation regulation for Truth In Lending Act and Regulation X, implementation for Real Estate Settlement Procedures Act AND this guide contains changes to final rules issued through August 1, 2014, covering both RESPA and TILA.
If your banking institution needs assistance in Compliance, contact the attorneys at Dalton & Tomich PLC to assist you.
