CFPB stands firm on new mortgage rules
Lenders lament lack of time to prepare
The Consumer Financial Protection Bureau is standing firm on its original plan to fully implement its qualified residential mortgage and qualified mortgage rules in January, despite lenders wanting more time. Per Law360:
"There's so little time to be able to push out the new compliance requirements, the concern is that there's not going to be enough time to test them properly," said Joseph Lynyak, a partner with Pillsbury Winthrop Shaw Pittman LLP. "The penalties are so great that people are afraid they're not going to be ready."