You’re probably already aware that the last couple of weeks have been busy ones in the compliance world. First off, we got our TRID proposal. The CFPB stated that it’s not looking to “reopen major policy decisions”, but is rather just wanting to pass along some “solutions to specific implementation challenges”. You can be fairly certain, however, that changes are in store for all of us and that the CFPB wants to move on this fairly quickly.
In case that wasn’t enough for you to digest, we also got a final rule as the CFPB finalized some changes and clarifications to the mortgage servicing requirements found in both RESPA and Regulation Z. The changes here may not impact you on a daily basis, as they primarily deal with delinquencies, customers in bankruptcy, force-placed insurance, and successors in interest. However, you obviously need to be aware of them to know if and when they could impact you.
As always, stay tuned as we digest these rules and let you know what they will mean for you.