Fed-supervised institutions told of new mortgage lending examination procedures

This story appeared in Bank Digest.

The Federal Reserve Board has transmitted to the institutions it supervises revised examination procedures covering mortgage loan-related changes to Reg. X—Real Estate Settlement Procedures Act (12 C.F.R. 1024) and Reg. Z—Truth in Lending (12 C.F.R. 1026). The revisions cover rules on ability-to-repay and qualified mortgage standards; loan originator compensation and qualification; servicing; loans subject to the Home Owners Equity Protection Act; appraisals; and homeownership counseling requirements. They generally take effect Jan. 10, 2014.

• CA 13-13
• RESPA exam procedures
• CA 13-12
• TILA exam procedures