Politics & MoneyMortgage

Mortgage compliance teams rank CFPB rules as top concern

The Consumer Financial Protection Bureau’s final rules stemming from the Truth in Lending and the Good Faith Estimate disclosure forms rank as compliance officers’ top concern, according to a new survey from QuestSoft.

The compliance software company released the results of its fifth annual compliance survey three months after the CFPB rolled out a series of rules allotted to them by the Dodd-Frank Act.

The TILA/GFE rules ranked as a “high concern” among 58.8% of the respondents, followed by other undefined CFPB rules, which remained a concern for 52.7% of the surveyed population.

About 425 Questsoft lenders responded to the survey.  

Other top concerns include fee tolerances tied to the Real Estate Settlement Procedures Act and the Qualified Mortgage rule.  

“Lenders have a justified reason to be concerned when facing a multitude of regulations that could jeopardize compliance,” said Leonard Ryan, president of QuestSoft. “The Bureau is generally interested in working with industry leaders to make implementation and compliance as smooth as possible, however reforms and requirements can lead to stress and unforeseen consequences – especially if lenders are kept in the dark until the implementation date.”

Most Popular Articles

Airbnb properties wouldn’t make a dent in housing market

While the real estate market has lots of challenges during the COVID-19 pandemic, a tsunami of houses being sold by Airbnb hosts who can’t pay their mortgages isn’t one of them. HW+ Premium Content

Jun 02, 2020 By

Latest Articles

Here’s evidence of V-shaped recovery

This week, the “V-shaped” recovery in purchase applications is mimicked by the inverted “V-shaped” recovery of the St. Louis Stress Index. According to HousingWire Columnist Logan Mohtashami, this signals a return to a much more calm financial market.

Jun 05, 2020 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please