Intro to Mortgage Origination Examinations - June 2022

Regulation N

• Effective 12/30/2011 • Prohibits material

misrepresentation, either express or implied, relating to any term of a mortgage credit product

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Regulation N: Prohibits Misrepresentations Relating To: Interest Charged APR or Rate Fees or Costs

Other Products

Taxes & Insurance

Prepayment Penalties

Fixed/Variable Interest

Type of Loan Product

Source of Solicitation Amount of Credit

Payments Due Potential for Default

Effectiveness of Product in Reducing Debt Likelihood of Obtaining Refinance or Modification

Association or Affiliation with Government

Counseling or Expert Advice

Comparisons with Illusory Rates or Terms

Likelihood of Obtaining Mortgage

Right to Reside in Dwelling

24 ‐ Month Recordkeeping Requirement!

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