The Consumer Financial Protection Bureau plans to work with the mortgage industry throughout the year to help lenders comply with the new rules by the 2014 deadline.
"Our plan is to work with the mortgage industry to ensure that the CFPB's new rules are implemented accurately and expeditiously," said CFPB Director Richard Cordray in the press release. "Both consumers and industry will win when the new rules are understood, applied, and carried out evenly and effectively. Mortgage borrowers, who have dealt with much heartache since the financial crisis, deserve this level of attentiveness."
"Under the Dodd-Frank Act, the CFPB released a string of mortgage rules in January that addressed a borrower's ability to repay, what constitutes as a 'qualified mortgage,' protections for high-cost mortgages and a slew of mortgage servicing rules," writes American Banker's Rachel Witkowski.
With an onslaught of additional rules expected to be released by other financial regulators this year, the mortgage industry is concerned about meeting the deadline next year.
"I can't recall ever seeing so many regulations hitting so quickly across such a wide spectrum of industries," said Jo Ann Barefoot, co-chair at Treliant Risk Advisors, in a recent interview with American Banker. "It's going to be a challenge to implement."
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