The Consumer Financial Protection Bureau published a "Mortgage Rules Readiness Guide" to help mortgage companies and servicers prepare for implementation of the initial Dodd-Frank Wall Street Reform and Consumer Protection Act rules that were finalized last January and go into effect Jan. 1, 2014. It is important to note that this guide does not address the CFPB's rules dealing with mortgage disclosures, which we anticipate will be finalized in September.

This guide addresses new changes to "Truth in Lending" Regulation Z, which include new rules for Qualified Mortgage Standards, Escrow Requirements under TILA, High-Cost Mortgage and Homeownership Counseling and Mortgage Servicing Rules. Aside from covering the recently finalized rules that will impact the ability for consumers to obtain certain loans, this guide serves as an interesting indicator about the guidance we can expect to see once the September "Know Before You Owe" rules dealing with the combined TILA and RESPA disclosures are finalized.

Again, it is important to note that this guide does not address the CFPB's rules dealing with the combined mortgage disclosure and settlement form, which we anticipate will be finalized in October.

http://files.consumerfinance.gov/f/201307_cfpb_mortgage-implementation-readiness-guide.pdf