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How lenders can prepare for increasing regulatory pressures

As compliance becomes an increased focal point for mortgage lenders and investors, staying ahead of state and federal regulations can be the difference between a flourishing business and one mired in fines.

Politics & MoneyMortgageReal Estate

Mick Mulvaney doubles down on minimalist practices at CFPB

NAR supports deregulation, and Mulvaney wants to solve student debt with education

Consumer Financial Protection Bureau Acting Director Mick Mulvaney doubled down on his mission to revamp the CFPB direction, telling a group of Realtors this week that he wants the bureau to "get back to basics."

Mulvaney made the statement during the the Regulatory Issues Forum at the 2018 REALTORS Legislative Meetings & Trade Expo, which was hosted by the National Association of Realtors.

During Mulvaney's appearance, he reiterated his mission to rescind regulation by enforcement and restructure the CFPB, according to a review of the conference from NAR.

NAR President and CEO of RE/MAX Boone Realty Elizabeth Mendenhall voiced her approval of the CFPB’s new direction, saying that she and her constituents are hopeful the promised decreases in regulation will make their way through Congressional review.

“NAR is encouraged by the new direction of the bureau under Director Mulvaney’s leadership, specifically, plans to decrease unnecessary regulatory burdens in line with the current administration,” Mendenhall said in a statement.

“NAR has been supportive of legislation that promises to reduce burdensome requirements, including for smaller creditors, to facilitate increased lending, and we are hopeful such changes will move through Congress soon,” she added. 

Mulvaney also addressed the student debt problem and the threat it poses to homeownership, saying that there is no simple answer and that the CFPB will continue to focus its efforts on preventing predatory lending practices through education.

“We don’t have a magic wand to make a pile of student loan debt go away. What we can do is make sure that consumers are educated before they take on that debt,” Mulvaney said at the conference, according to an NAR release.

For now, it appears that Mulvaney will have his wish of a CFPB reborn as his tenure is likely to stretch due to uncertainty surrounding his eventual successor.

 

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