AllRegs CFPB: Where Are We Going?

SUMMER 2013Final Rule: Integrationof Disclosures under

RESPA & TILA

CFPB1,099 pages of

complicated changes in

proposed rule

During the loanapplication, the Good Faith Estimate (GFE) and Truth in Lending Statement (TIL) replaced by a three-pageloan estimate.

During closing,TIL and the HUD-1

replaced by a five-page closing

disclosure

www.allregs.com

Where DoWe Go FromHere?

Coordinate with Other Agencies to Ensure a Shared

Understanding of the New Rules

Publish Plain-Lanquage

Guides

Publish Updates to theOfficial Interpretationsto Address Questions

or Issues

Posting of Videos on YouTubeExplaining the Rules

PublishReadiness

Guides

EducateConsumers

In 2013, CFPB is planning to prepare the mortgage industry for compliance in the following ways:

Sources:

The CFPB Websitehttp://www.consumerfinance.gov/

AllRegs Compliance Commentary: 2011 - The Year of the Bureau of Consumer Financial Protection. What’s Ahead for 2012?http://solutions.allregs.com/2011-the-year-of-the-bureau-of-consumer-financial-protection/

AllRegs Compliance Commentary: 2012: A Year for Proposals, 2013: A Year for Actionhttp://solutions.allregs.com/2012-a-year-for-proposals-2013-a-year-for-action/

AllRegs Compliance Commentary: 2013 Regulatory Reform Series: Qualified Mortgage, High Cost Mortgages and Higher-Priced Mortgage Loanshttp://solutions.allregs.com/may-the-regulators-be-ever-in-your-favor/

AllRegs Compliance Commentary: CFPB Announces Implementation Plan for New Mortgage Ruleshttp://solutions.allregs.com/cfpb-announces-implementation-plan-for-new-mortgage-rules/

AllRegs Compliance Commentary: CFPB Finalizes Mortgage Servicing Rules under RESPA and TILAhttp://solutions.allregs.com/cfpb-finalizes-mortgage-servicing-rules-under-respa-and-tila/

AllRegs Compliance Commentary: CFPB Issues Ability-to-Repay and Qualified Mortgage Final Rulehttp://solutions.allregs.com/cfpb-issues-ability-to-repay-and-qualified-mortgage-final-rule/

AllRegs Compliance Commentary: CFPB Issues Rule to Protect Consumers from Irresponsible Mortgage Lendinghttp://solutions.allregs.com/cfpb-issues-rule-to-protect-consumers-from-irresponsible-mortgage-lending/

AllRegs Compliance Commentary: CFPB Monitors Mortgage Servicing Transfer Activityhttp://solutions.allregs.com/cfpb-monitors-mortgage-servicing-transfer-activity/

AllRegs Compliance Commentary: CFPB Releases Consumer Complaint Datahttp://solutions.allregs.com/cfpb-releases-consumer-complaint-data/

Consumer Financial Protection Bureau Lays Out Implementation Plan for New Mortgage Rules by the CFPB http://www.consumerfinance.gov/pressreleases/consumer-financial-protection-bureau-lays-out-implementation-plan-for-new-mortgage-rules/

AllRegs Compliance Commentary: Financial Reform: The Bureau of Consumer Financial Protectionhttp://solutions.allregs.com/pages/Bureau-of-Consumer-Financial-Protection.html

The Woman Who Knew Too Muchhttp://www.vanityfair.com/politics/features/2011/11/elizabeth-warren-201111

Copyright 2013 AllRegs. All Rights Reserved.

www.allregs.com

To get your team ready for CFPB compliance, learn more about our Compliance Management System athttp://solutions.allregs.com/compliance-management-system/

Results of the Final Rule for Qualified Residential Mortgage (QRM):

5% risk retention provisions (“skin in the game”)

New Proposed Rule defining QRM

as a Qualified Mortgage

(QM) “plus”!

(with potential for additional U/W parameters)

Affects loan

securitization

Here are some highlightsfrom the proposed rule!