Guide to the New Mortgage Environment: The CFPB's Regulatory Game Plan
Perhaps no other regulator in recent memory has attracted as much attention and controversy as the newly empowered Consumer Financial Protection Bureau. The Dodd-Frank Act established the CFPB in an effort to consolidate federal regulation of most consumer finance practices within a single regulator.
The bureau’s mission is to regulate financial products and services and the businesses that offer them. Insured depository institutions and credit unions with assets of $10 billion or more are subject to its rules and enforcement. Everyone else, including nonbank mortgage brokers, lenders and servicers, is subject to its rules and nonbanks face enforcement actions.
The CFPB’s powers are wide-reaching, with mortgages being a top priority. One of its first efforts is combining the Truth in Lending disclosure form with the Good Faith Estimate document. The bureau is now responsible for the task of implementing “qualified mortgage” standards. It is also busy with the regulation of mortgage servicing.
Depending on your perspective, the CFPB seems to embody all that is good or bad with this landmark reform legislation enacted in 2010. Inside Mortgage Finance has published a new guide to help lenders, servicers and other players navigate the complex operational issues and changes facing the mortgage industry.
Guide to the New Mortgage Environment: The CFPB's Regulatory Game Plan offers sections on Overview, Mortgage Disclosures, Mortgage Originations, Regulation of Servicers, Regulation of Nonbanks and an Appendix.
- An overview of the new regulator, from details on the CFPB’s budget to enforcement of Regulation Z
- In-depth analysis of the bureau’s mortgage disclosure efforts
- Details on the wide-ranging mortgage origination activities subject to the regulator
- A look at the CFPB’s servicing regulation efforts, and
- Federal regulation of nonbanks
- Included are a full list of the rules to be enforced by the bureau and a status update on its various mortgage regulation efforts.
