In mortgage regulation, CFPB cites "critical" meetings with small servicers
Pete Carroll with the Consumer Finance Protection Bureau just laid out all the proposed changes to mortgage servicing in an exclusive HousingWire webinar.
What was particularly interesting is he notes the extensive experience in mortgage financing his team holds. Many are veterans of the industry.
He also explained that the proposed rules come out of extensive "critical" meetings with small and medium-sized mortgage servicers. Of course, they talk to the big guys, too.
The comment will go a long way to calming the nerves of smaller mortgage players.
According to the latest Moody's Investors Service ResiLandscape analysis, the industry-wide changes would largely be a positive for bigger lenders and residential mortgage-backed securities as well.
"Adherence to the guidelines would both improve the quality of servicing in the RMBS sector and help to restore confidence in the servicing industry as a whole," Moody's analysts write.
However, the operational changes were worried to be costly for the smaller player, maybe even prohibitively so.
The rules are still being finalized. So it's important for mortgage industry players to go to the CFPB website to log any question or comments in regards to the upcoming changes.