As our nation recovers from the worst financial crisis since the Great Depression, the Consumer Financial Protection Bureau (CFPB) is doing its part to make new mortgage regulations understandable and user-friendly.

In a video released by the CFPB, Director Richard Cordray said, “These videos are part of a larger effort on our part to help you comply with the Dodd-Frank Act mortgage reforms and with our rules.”

The CFPB is releasing resources this year to help lenders understand compliance issues. These tools are available for free online, and include:

  • Written guides
  • Comprehensive summaries
  • YouTube video presentations, ranging from 2 minutes to an hour

The Title XIV of the Dodd-Frank Act created broad new consumer protections for mortgage loans. While this may be good news for consumer protection, it’s going to take effort to keep up with these compliance changes. The new rules will be implemented over the next few months, with most rules taking effect in January 2014. Some of the new regulations explained by the CFPB include:

  • Ability-to-repay and qualified mortgage standards
  • Loan originator compensation requirements
  • Prohibition on financing credit insurance premiums
  • Electronic fund transfers
  • Amendments to the 2013 escrows final rule
  • Truth in lending
  • Disclosure of records and information
  • 2013 real estate settlement procedures act

A summary of the rules are available on the CFPB’s website at

In a video presentation, Director Richard Cordray pointed out the online resources can be helpful to banks and non-banks alike, but will be especially useful to smaller institutions with fewer employees. Smaller offices are often more challenged by compliance rules and changing regulations. The CFPB hopes to make these changes more manageable with the recent efforts and available resources.

With the changing climate of the housing market, it’s important for every office team to work together to ensure accuracy and thoroughness. Blue Streak Docs is a document retrieval company that provides services to mortgage and attorney professionals. Our staff aims to be one-step ahead of compliance implementation. Blue Streak Docs  provides detailed records to our clients, so they can keep their eyes on the big picture. For more information about how we can assist you with property reports, document recording, and title searches, contact us today at 727-479-0007.

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