The Content of an Audit

The Consumer Finance Protection Bureau conducts regular audits to ensure that financial institutions come into and maintain compliance with the new mortgage rules. Those rules are according to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and amend several existing regulations, including Regulation Z, X, and B.  Our CFPB Readiness Audit Services assist our clients in preparing for this review.

The CFPB maintains content and updates to these rules as well as their official interpretations on the CFPB compliance/guidance page. While being prepared is essential, the right partner can provide a well-versed view of the rules and their interpretations, activities, and information to assist preparation.

The rules the CFPB covers include:

• Ability to Repay and Qualified Mortgage Standards (Regulation Z)
• Escrow Requirements under Truth in Lending Act (Regulation Z)
• High-Cost Mortgage and Homeownership Counseling (Regulation Z & X)
• Mortgage Servicing Rules (RESPA) (Regulation X) (TILA) (Regulation Z)
• ECOA Valuation for Loans Secured by a First Lien on a Dwelling (Regulation B)
• TILA Appraisals for High-Priced Mortgage Loans (Regulation Z)
• Loan Originator Compensation Requirements (Regulation Z)