Recently, the Consumer Financial Protection Bureau issued
revised versions of the small entity compliance guides for the Loan
Originator Rule and the Home Ownership and Equity Protection Act
("HOEPA") Rule.
Revisions to the Loan Originator Rule Compliance
Guide
The CFPB revised the compliance guide for the Loan Originator
Rule in three notable respects. First, the revised guide includes a
process for contacting the CFPB with informal inquiries about the
rule. Second, the revised guide puts into effect the TILA/RESPA
Disclosure rule. Third, and pursuant to the Economic Growth,
Regulatory Relief, and Consumer Protection Act, which was adopted
earlier this year, the revised guide includes an exemption from
certain rules applicable to loan originators for retailers of
manufactured and modular homes and their employees.
