CFPB Working to Smooth Implementation of Mortgage Rules

Market participants have been struggling with rule implementation in some cases, but it could get easier. Image: Fotolia.

The Consumer Financial Protection Bureau wants to make implementation of the new mortgage and servicing rules easier for companies by providing frequent and easy-to-understand guidance.

“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.”

The Mortgage Bankers Association welcomed the CFPB’s initiative. The trade group will be gathering questions about the mortgage rules at conferences and other events, according to MBA regulatory counsel Ken Markison. The MBA will package those questions and “seek answers on behalf of the industry,” he said.

Markison spoke at a Venable webinar on Wednesday afternoon. Implementation of the new qualified mortgage and servicing regulations must be completed in January 2014.

Venable partner Suzanne Garwood also noted that the CFPB will be publishing easy-to-understand summaries of the regulations.

They will also be updating their official interpretations to the rules “more frequently than the Federal Reserve Board,” she said.