Confused about the CFPB’s January 2013 new mortgage rules? Don’t have an afternoon to read a series of .pdf files? Check out the new videos that the CFPB just posted on YouTube.
“We’re trying to make our rules more understandable and more user-friendly, setting out as clearly as we can what you need to know, and what you need to do, in order to comply with the rules.” – Richard Cordray, CFPB Director.
Following up to their March 2013 promise of publishing plain-language guides to January 2013 mortgage regulations in both written and video form, the CFPB has posted several videos on YouTube explaining these recently published regulations. The overview takes a little over one hour to watch, and is available to watch in one movie-like chunk, or in smaller segments concerned with each specific January 2013 rule. If you are looking for information without having to sift through pages and pages of online documents, OnlineEd highly recommends brewing yourself a cup of coffee and devoting an hour of your workday to familiarize yourself with these regulations.
The CFPB is actively looking for ways that they can make these new rules more accessible to every mortgage professional, and is taking comments and criticism. Richard Cordray has this to say:
“We’re currently taking feedback on the guides, so please let us know what you think.”
Information on how to submit feeback is contained with each of the guides.