Under Dodd-Frank, the Consumer Finance Protection Bureau (CFPB) was required to issue several mortgage rules, ostensibly intended to 'protect consumers.' While the extent to which these rules actually accomplish 'protection' is open to debate, there's no question that they've constituted an additional layer of complication for mortgage markets.
In an effort to address problems with the accessibility and tangibility of the information in the rules, and to clear up confusion as to which parts of which rules go into effect on which dates, the CFPB posted a video series to their site.
There's one incredibly long video that includes all the rules:
- Compiled overview of all of the
2013 new mortgage rules (seen below)
The rules are also broken out individually as follows: (found here)
- Ability-to-Repay and Qualified Mortgage Rule
- 2013 HOEPA Rule
- ECOA Valuations and TILA Higher-Priced Mortgage Loans Appraisal Rules
- Loan Originator Compensation Rule
- Mortgage Servicing Rules
- TILA Escrow Rule
The CFPB rightfully reminds potential viewers that "although the videos and guides give an overview of the rules, they are not a substitute for the underlying rules."
