As part of its industry education initiative, the Consumer Financial Protection Bureau today released video summaries of the new mortgage rules. For the small-business owners and compliance professionals out there, these videos provide a good, plain-English resource for interpreting the rules and viewing them through the same lens as the issuing regulator. (Honestly, I wish that more regulators would take the approach that the CFPB is taking – it would make our jobs a tiny bit easier. Whatever your opinion on the many issues surrounding the rules themselves, kudos to the CFPB for taking an innovative approach in getting information out there.)
Use these videos, along with the various written summaries and compliance guides that the CFPB continues to release, in your compliance planning. We’ll go in-depth into some of these rules in our 2013 CE courses here at the Real Estate Institute as well. Keep in mind that, although these videos and the compliance guides are useful, they are not a substitute for knowledge of the actual rules themselves. As always, we encourage you to seek advice from competent legal counsel on any questions of law that may arise in your business.
A playlist containing all of the videos, as well as an option to watch them all in one session, can be found by clicking this link.
Real Estate Institute’s new CE courses will be available soon. More information about NMLS-approved Continuing Education courses, Pre-License courses and Test Prep is available at http://www.InstituteOnline.com.