The MPF^® Program continually reviews mortgage-related industry and legal developments. Below are links to recent developments for your reference. Please address any questions you have about these topics to your compliance team or legal counsel.

On May 14, 2016, the Consumer Financial Protection Bureau (CFPB) issued the 10th edition of its Supervisory Highlights, sharing findings from recent examinations in the areas of student loan servicing, remittances, mortgage origination, debt collection, and consumer reporting. Mortgage origination deficiencies found by CFPB examiners involved failing to maintain written policies and procedures required by the loan originator rule and weak compliance management systems.

The CFPB published annotated versions of the loan estimate and closing disclosure documents. The documents provide citations to the disclosure provisions of the Truth in Lending Act that were referenced in the final TILA-RESPA Integrated Disclosure (TRID) rule. 

The CFPB issued a brief fact sheet describing the required disclosure for construction-to-permanent loans under TRID. 

The CFPB simultaneously issued a report and an advisory providing financial institutions with information on the financial exploitation of older Americans and recommendations on how to prevent and respond to such exploitation. 

The Federal Deposit Insurance Corporation (FDIC) issued guidance clarifying its expectations that institutions have appropriate policies and practices pertaining to decisions to discontinue foreclosure actions, referred to as abandoned foreclosures.