CFPB Updates Mortgage Rules Readiness Guide as Effective Date Approaches

Late last week, the Consumer Financial Protection Bureau (“CFPB”) issued updates to its Mortgage Rules Readiness Guide, which was issued to assist with new regulations announced throughout 2013. The newest version includes changes to final rules issued by the CFPB through October 15, 2013, covering both RESPA (Real Estate Settlement Procedures Act) and TILA (Truth-in-Lending Act). The update offers banks and other institutions guidance on implementation of the new mortgage rule changes.

Please contact Spilman or other knowledgeable counsel with any questions about the new mortgage rules and the January effective dates.

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by R. Scott Adams

R. Scott Adams

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