On July 9, 2012, the Consumer Financial Protection Bureau finally began its long-awaited regulatory overhaul of the U.S. residential mortgage market. From application processing to the ultimate disposition of mortgage assets in the secondary market, over the next six months the CFPB will completely revise how the home mortgage system functions.
The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) created the CFPB and consolidated various rulemaking and supervisory authorities in the agency, including the authority to implement new requirements under several existing federal mortgage laws. The Dodd-Frank Act also significantly amended the statutory requirements governing mortgage practices with the intent to limit certain practices by mortgage industry participants that allegedly contributed to the mortgage crisis.
This Pillsbury Alert provides an overview of the CFPB’s regulatory initiative, including a description of the several regulatory proposals, the statutory authorities being relied upon by the CFPB, as well as anticipated time frames for adopting final regulations and an implementation period for the mortgage industry.
Please see full alert below for more information.
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