by Michael B. Raines
and Jeffrey E.
Although the CFPB's new mortgage rules ("Mortgage Rules")
are less than a month old and do not go into effective until January 10, 2014,
the CFPB is not wasting any time putting the mortgage industry on notice that
it expects these rules to be "implemented accurately and expeditiously." Today,
the Bureau announced that it will be implenting a plan over the course of this
year "that focuses on the mortgage industry's compliance with new consumer
protections." While the full extent of the CFPB's implementation "plan" is
unknown, today's announcement provides an insight into the CFPB's expectations
of mortgage industry.
The Bureau claims that the purpose of its plan is to
"support rule implenation and ensure industry is ready for the new borrower
protections." Director Cordray remarked that "Mortgage borrowers, who have
dealt with much heartache since the financial crisis, deserve this level of
attentiveness." To achieve its goals, the CFPB's plan includes:
Of most interest are the updates to the official
interpretations and readiness guides, because they will provide the mortgage
the best insight into how the CFPB intends on enforcing the Mortgage Rules.
Stay tuned to the CFPB-Lawblog for further reporting on and analysis of the
CFPB's implementation plans as more details become available.
Read more articles about the Consumer Financial Protection
Bureau at Dykema's CFPB Blog
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