Insights

On implementation of the Consumer Financial Protection Bureau’s new mortgage rules, Director Richard Cordray stated: “Our plan is to work with the mortgage industry to ensure that the CFPB’s new rules are implemented accurately and expeditiously. Both consumers and industry will win when the new rules are understood, applied, and carried out evenly and effectively.” To this end, the CFPB recently launched a new “Regulatory Implementation” webpage to serve as a central access point for mortgage-related implementation materials.

The new webpage (http://www.consumerfinance.gov/regulatory-implementation) consolidates the CFPB’s 2013 mortgage rules and related implementation material. In an effort to help the mortgage industry comply with the Dodd-Frank Act mortgage reform and the CFPB’s mortgage rules, the webpage contains a table “with all of the basics in one place.” From this table, industry players can easily access:

• downloadable compliance guides, which present the rules in a plain-language, FAQ format;
• video overviews of the CFPB mortgage rules; and
• quick reference charts that provide information about rule applicability.

The CFPB’s stated goal in consolidating this information is to make “the content more accessible for industry constituents, especially smaller businesses with limited legal and compliance staff.” The webpage also houses the 2013 rural or underserved counties list and other helpful materials.

Going forward, the CFPB will add resources to the “Regulatory Implementation” webpage as they become available. Anyone interested in receiving email alerts about updates to the webpage can sign up on the CFPB’s web site.

There is no doubt that the mortgage industry faces an immense challenge in implementing the CFPB’s new rules. It is probably a stretch to classify the launch of the “Regulatory Implementation” webpage to assist industry in overcoming this challenge as a “win,” but it at least seems to be a positive sign of the CFPB’s recognition of the implementation challenges and will serve as a helpful resource in industry’s implementation efforts.

Catharine S. Andricos is a partner in the Washington, D.C., office of Hudson Cook, LLP. Catharine can be reached at 202-327-9706 or by email at candricos@hudco.com.