The Consumer Financial Protection Bureau has established a plan for implementing new mortgage rules; a number of which are slated to go into effect by January 2014.
Among those rules are the ability-to-repay rule and new mortgage servicing rules, as mandated under the Dodd-Frank Act. The agency says it is committed to working with the mortgage industry to make sure the rules are put into place accurately and in a timely manner.
“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.”
Among the efforts toward its implementation goals, the CFPB says it will coordinate with other regulators including examinations of mortgage companies to ensure the new rules are being adopted as planned. The agency also plan to publish guides in writing and video form to help smaller businesses that may not have teams devoted to compliance.
A series of “official interpretations” and readiness guides will work to provide guidance on compliance including answers to questions raised by industry and consumer groups, and consumer education efforts will work to prepare those for whom the rules are designed to protect.
Written by Elizabeth Ecker