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.”