Implementation Plan for New Mortgage Rules
The Consumer Financial Protection Bureau (CFPB) has issued new mortgage rules, as required by the Dodd-Frank Wall Street Reform and the Consumer Protection Act, and set a January 2014 deadline for the industry to comply.
The CFPB recently announced the plan they will implement over the next year that focuses on the mortgage industry’s compliance with the new consumerprotections. “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. “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.”
Click here to read the press release issued by the CFPB.