On September 13, 2013, the Consumer Financial Protection Bureau (“CFPB”) finalized another set of amendments (the “Amendments”) to its January 2013 mortgage rules. Whereas previous amendments focused largely on the ability-to-repay/qualified mortgage rule, these Amendments – originally proposed in late June 2013 – principally address several important questions that have emerged during the implementation process for the mortgage servicing and loan originator compensation rules.
The Amendments provide helpful guidance on complying with the rules and, in several cases, the CFPB revised the proposed amendments in response to concerns raised by the industry during the comment period. Nevertheless, the volume and complexity of the new requirements and the number of outstanding issues still present a daunting task for many industry participants as they work to implement the rules by January 2014. The CFPB declined industry requests to provide additional time for compliance and, except as discussed below, has not indicated whether additional amendments will be forthcoming.
Please see full Special Alert below for more information.
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