CFPB releases first round of exam manuals for new mortgage rules

The Consumer Financial Protection Bureau released the first in a series of roadmaps its examiners will use to assess compliance with the agency’s new mortgage rules. The bureau said its exam procedures offer financial institutions and mortgage companies “valuable guidance” on what the CFPB will be looking for as the rules become effective. The first pair of manuals focuses on new requirements pertaining to appraisals, escrow accounts, and compensation and qualifications for loan originators. Read on for the details.