On January 11, the Consumer Financial Protection Bureau (CFPB) released a new examination manual entitled Mortgage Origination Examination Procedures. The manual is a field guide for CFPB examiners looking at mortgage originators in both the bank and nonbank sectors of the mortgage industry.

The release of the manual marks an initial step in regulating entities in the mortgage business that were not subject to federal regulation prior to passage of the Dodd-Frank Act. Such entities include independent lenders, brokers, servicers and others unaffiliated with banks and depository institutions.

The manual describes the types of information the agency’s examiners will gather to evaluate mortgage originators’ policies and procedures, assess whether originators are in compliance with applicable laws and identify risks to consumers throughout the mortgage origination process.

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