The CFPB has issued a Dodd-Frank Mortgage Rules Readiness Guide to help institutions of all sizes with recent and upcoming rule changes. The Guide is intended to assist you in your compliance efforts, as well as draw attention to some potential areas of exam focus.
The Guide contains a brief summary of each of the Rules; a Readiness Questionnaire; some general Frequently Asked Questions; and links to other CFPB tools.
The Readiness Questionnaire is to be used as a self-assessment to help you analyze how the rules will impact your institution and determine to what extent your preparation is in line with the CFPB’s recommendations. It may also be helpful in exam preparation. If you have an upcoming exam, you will likely be asked how you are preparing for these changes.
Not only should the Guide help give you an idea of where you’re at, it can also give you a glimpse of the CFPB’s expectations. It’s worth a read.