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Prepare your firm for the Consumer Financial Protection Bureau (CFPB)

PictureThe CFPB's subjects are large banks and multi-state lenders. But even if you are a smaller entity, the examiners use the CFPB examination handbook to conduct their audits.
Your risk of mortgage examination findings by the CFPB can be offset by having written policies and procedures in place for the origination, processing, underwriting, closing and post-closing of mortgage applications.  In addition to the rubric of Federal guidelines with which we have become familiar with, the CFPB will extend extra vigilance in the areas of deceptive marketing, riskier product types, underwriting exceptions and Fair Lending.  Surprisingly, the guide contains NO reference to information security and ID theft. 

Be aware that while the CFPB currently only has a small examination staff, these guidelines are in use by state banking commission examiners.  The examination guidelines set forth by the CFPB are no more onerous than those set forth by many states, so compliance managers for non-bank lenders familiar with these types of examinations should feel comfortable with the scope and process.  For many lenders, however, the examination may represent a step up in the rigor of the examination process.  Expect that, especially at first, examinations will have an element of "hyper-vigilance", with many findings and a substantial time requirement. 

CFPB Mortgage Compliance Matrix

We have examined the CFPB's requirements for compliance by going through each section of the CFPB examination/audit handbook for examiners. All of the requirements of the CFPB are aligned with the section/product module in our packages. 
CFPB Mortgage Compliance Matrix
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  • Home
    • Search our site
    • The CFPB and You
    • What Does a QC Plan Do?
    • Choosing the Right One
    • Free Sample Request Form
    • Request Discount Code
    • About Us >
      • About Us
      • FAQs
      • 100% Guarantee
      • Client List
    • Industry Blog
  • Single Policies
    • Single Policies
    • Free Sample Policies >
      • TIL-RESPA Integrated Disclosure (TRID)
      • HPML Appraisal Policy
      • Social Media
      • Ability to Repay
      • SAFE Act Policy
      • E-Sign Policy
      • Loan Originator Comp
      • Complaint Resolution
    • Disaster Recovery/Business Continuity Plan
    • Anti-Money Laundering (AML/BSA/SAR) >
      • Annual AML/BSA Audit
      • Annual AML Training
    • Fair Lending/Fair Housing
    • Secondary Marketing-Loss Mitigation
    • Appraiser Independence - Appraisal Management
    • Anti-Predatory Lending (UDAAP)
    • Vendor Management
    • Business Plan
    • MERS QA Plan
  • Modules
    • Module System
    • Mortgage Compliance Manual
    • Quality Control Options >
      • Quality Control Options
      • Lender Quality Control Plan >
        • HUD-FHA Quality Control Plan
      • Broker QC Plan
    • Origination/Production Module
    • Processing Module
    • Underwriting/Credit Policy
    • Closing/Funding/Warehouse
    • Mortgage Ops & Employee
    • Information Security - FACTA/Red Flags & ID Theft
    • Wholesale/Third Party Origination
    • Mortgage Servicing Module >
      • Mortgage Servicing
      • Mortgage Sub-Servicing
      • MERS Quality Assurance (QA)
  • Packages
    • Packages
    • Mortgage Banker Package
    • Correspondent Broker Pack
    • Lender Compliance Pack
    • State Examination Packages
    • Broker-Corr Compliance Pack >
      • Broker-Corr Compliance Pack
      • State Audit/Exam Prep
      • Specific Lenders Requirements
    • Supervisory Plan
  • Services
    • Services
    • Training Services >
      • Annual AML Training
      • Fair Lending Training
      • ID Theft Training FACTA
      • Cybersecurity Training GLB Safeguarding
      • Fraud Red Flag and QC Training
      • Privacy Act - GLB Training
      • Advertising Compliance Training
      • New Employee Training
    • My Compliance VP - Manager >
      • My Compliance VP - Manager
      • Document Management Systems >
        • Document Management Systems
        • Access Document Managment
      • Warehouse Lender/Agency Approval
    • Comergence Upload Service
    • State Audit Preparation
    • Annual Audit Preparation
    • Updates and Downloads >
      • Updates and Downloads
      • Updates and Downloads (members)
    • Request Review
    • How to: Customization Services >
      • How to: Downloading Documents
      • How to: Customize Your Manual
      • Free "Generic" Customization Offer