Thursday, May 30, 2013

Source for 2013 Regulatory Changes


With so much to keep track of, the continuously changing laws and regulations can make it complicated to adjust. Here at IDS, Inc., our compliance team remains up to date on all important changes that influence the mortgage industry. We as a company are dedicated to keeping our clients compliant, and as a result, our knowledgeable staff have suggested a few resources to assist our readers and clients in preparing for the upcoming compliance revisions and regulatory changes.

Many different companies have discussed these changes, and while trying to learn more you may sometimes become overwhelmed by the abundance of information. You may even be wondering as you’re filtering through different sources, what is of the greatest importance to know here?

Our compliance team members have suggested using Consumer Financial Protection Bureau (CFPB) to get acquainted with all the new regulation changes. Instead of getting lost in all of the commentary, go to the regulatory source itself. This is a great resource for whether you want long in-depth content, summaries, or video content.

CFPB’s YouTube channel provides an overview of the 2013 new mortgage rules via one long video, as well as gives explanations of the following rules and regulations on their own:

  • Ability-to-Repay and Qualified Mortgage Rule
  • 2013 HOEPA Rule
  • ECOA Valuations and TILA Higher-Priced Mortgage Loans Appraisal Rules
  • Loan Originator Compensation Rule
  • Mortgage Servicing Rules
  • TILA Escrow

CFPB’s YouTube channel can be accessed here: http://bit.ly/19udCFH

You may also view rules in full or in summaries here: http://www.consumerfinance.gov/regulations/



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