Remittance transfer rule
Visit the rule page to learn about implementation of this rule.
Coming soon: TILA-RESPA implementation support
We recently finalized the TILA-RESPA rule, which makes mortgage disclosure easier for consumers to understand and use and helps facilitate compliance with TILA and RESPA. The rule takes effect August 1, 2015. Over the next several months, we’ll release compliance guides and other information to help industry understand and implement this new rule. To help you get started, we have an executive summary of the rule and annotated versions of the loan estimate and closing disclosure model forms.
CFPB finalizes modifications to mortgage rules
On September 13, we finalized amendments and clarifications to our January 2013 mortgage rules in order to help industry comply and to better protect consumers. The changes answer questions that have been identified during the implementation process.
If, after reviewing the resources on the Regulatory Implementation page and the related regulation(s) and commentary, you have a question regarding regulatory interpretation, please email CFPB_reginquiries@cfpb.gov with your specific question, including reference to the applicable regulation section(s).
Supervision and examination materials | Additional information for industry
2013 Mortgage rule implementation
This page is part of a broader effort by the Bureau to help you comply with the Dodd-Frank Act mortgage reforms and our rules.
In the Dodd-Frank Act, Congress gave the Bureau the responsibility to adopt specific mortgage rules. We’ve created a table with all of the basics in one place.
Resources to help you comply
Two ways to learn more about complying with the new rules:
Downloadable compliance guides: plain-language guides to the new rules in a FAQ format which makes the content more accessible for industry constituents, especially smaller businesses with limited legal and compliance staff.
Videos: overviews for the new mortgage rules, prepared as companions to the written guides. View them by rule or together in a single playlist.
Quick reference charts
These charts offer an easy way to see which rules are likely to apply to certain products or businesses. These charts aren’t substitutes for the regulation text and official commentary, but they can give you an idea of where to start.
»What is a Qualified Mortgage? – a basic guide for lenders.
»Small creditor qualified mortgages flowchart.
»Transaction coverage and exemptions for the 2013 mortgage origination rules.
»Comparison of the general Ability-to-Repay requirements with the requirements for originating Qualified Mortgage loans.
»Coverage of the Bureau’s 2013 mortgage servicing rules for loans and servicers.
Supervision and Examination materials
Our Supervision and Examination Manual is a guide to how we will supervise and examine consumer financial service providers under our jurisdiction for compliance with federal consumer financial law.
Our Readiness Guide provides guidelines for institutions to evaluate their readiness and help them comply with the new 2013 mortgage rule changes made through October 15, 2013.
Email comments about these implementation materials and this web page to CFPB_MortgageRulesImplementation@cfpb.gov. Your feedback is crucial to making these materials and this page as helpful as possible.
Rural or underserved counties
Businesses that operate predominantly in rural or underserved counties are exempt from certain requirements.
»Final list of rural and underserved counties for use in 2012
»Final list of rural and underserved counties for use in 2013
»Final list of rural and underserved counties for use in 2014
HUD-approved housing counselors
Some of the new rules require businesses to tell borrowers where they can find housing counselors near them who have been approved by the Department of Housing and Urban Development and how to contact State housing finance authorities.
Businesses can use this URL – consumerfinance.gov/mortgagehelp – to meet servicing disclosure requirements to provide the website to access the HUD list of homeownership counselors and counseling organizations and the Bureau website to access contact information for State housing finance authorities. Lenders can use consumerfinance.gov/find-a-housing-counselor/ to meet RESPA requirements to generate a list of housing counseling agencies for each applicant.
Among other criteria, “qualified mortgages” generally must possess a total monthly debt-to-income ratio (DTI) of no more than 43 percent. Regulation Z’s appendix Q contains detailed requirements for determining the “debt” and “income” factors in the calculation.
Implementation at the CFPB
Our plan is to work with the mortgage industry to ensure that the CFPB’s new rules are implemented accurately and expeditiously. Both consumers and industry will win when the new rules are understood, applied, and carried out evenly and effectively. Mortgage borrowers, who have dealt with much heartache since the financial crisis, deserve this level of attentiveness. –Director Richard Cordray
The Bureau’s implementation aids, including compliance guides, videos, and charts, do not represent official Bureau interpretations and should not be taken as legal advice.