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OCC Bulletin 2014-2
February 7, 2014
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Chief Executive Officers of All National Banks and Federal Savings Associations, Department and Division Heads, All Examining Personnel, and Other Interested Parties
The Office of the Comptroller of the Currency (OCC) issued today the “Mortgage Banking” booklet of the Comptroller's Handbook. This updated booklet replaces a similarly titled booklet issued in March 1996 (and examination procedures issued in March 1998). The updated “Mortgage Banking” booklet also replaces Section 750, “Mortgage Banking,” issued in November 2008 as part of the former Office of Thrift Supervision’s (OTS) Examination Handbook for the examination of federal savings associations (FSA).
The OCC’s “Mortgage Banking” booklet
The “Mortgage Banking” booklet applies to all banks engaged in mortgage banking activities.
The OCC’s revised “Mortgage Banking” booklet is a comprehensive update that combines national bank and FSA guidance and examination procedures. The booklet provides an overview of Dodd–Frank’s mortgage-related provisions. Statutes and regulations governing FSAs also have been incorporated into the booklet.
Recently, the CFPB issued rules imposing new requirements related to mortgage servicing standards, loan origination compensation parameters, the Secure and Fair Enforcement for Mortgage Licensing (SAFE) Act of 2008, and ability-to-repay requirements, including conditions for residential mortgage loans to be considered “qualified mortgages.” The nature, general requirements, and core examination procedures are discussed in the appropriate sections. More comprehensive information regarding Regulation X and Regulation Z issues is available in other Comptroller’s Handbook booklets.
With the issuance of this booklet the OCC rescinds or replaces the following:
For further information, contact Joseph A. Smith IV, Credit and Market Risk Division, at (202) 649-6434 or (202) 649-6360.
John C. Lyons Jr.
Senior Deputy Comptroller and Chief National Bank Examiner