The CFPB has issued updated guidance on their examination procedures for Mortgage Origination. It’s only 35 pages long and it has a lot of bullet points to make it easier to digest.
It may be helpful to divide and conquer this list by doing the following:
1. Take each Module and develop a task list for what is accomplished and what needs to be accomplished.
2. Assign task priorities to the bigger issues that will cause big fines if not addressed. This helps you focus and breaks down the giant task into little pieces.
3. Take the completed items from the list and put them in one place. If you’re doing this electronically then store it with a redundant back up.
4. Take the few extra minutes to cite your references in the regulation. If an examiner disputes what you are doing, you can easily refer to the documentation that prompted you to set things up that way. This is so much easier than trying to re-visit the regulation!
As you break this into smaller pieces, check off the things that have been completed, and organize the information, your exam process will be a lot less stressful!
To Read The New Regulations Click Here!