Are you still holding out hope that the mortgage reform rules set to go into effect in January 2014 will be delayed? If Consumer Financial Protection Bureau (CFPB) Director Richard Cordray gets his way, there won’t be any delay. That’s not to say; however, there has been no opposition.
Last week 118 members of the House signed and delivered a letter addressed to Director Cordray urging him to delay the January 2014 requirements until January 2015. While that seems like progress, I personally wouldn’t get too excited, just yet. While it’s a strong message, 118 signatures is still only about ¼ of the House.
We’ll see if anything comes of it. But, if I were you, I’d keep preparing for a January 2014 implementation. Stay tuned!