The Money Source’s Shayna Arrington on CFPB, Regulation X
Today’s HousingWire Daily episode features an interview with Shayna Arrington, the Chief Compliance Officer at The Money Source. Arrington sat down with HousingWire assistant editor Jordan White to discuss the current risk and compliance issues facing servicers.
Additionally, the pair examine some of the CFPB’s changes to Regulation X and discuss the new Fair Debt Collection Practices Act rules that are going into effect in November.
Here is a small preview of the interview, which has been lightly edited for length and clarity:
Jordan White: What should servicers be thinking about when it comes to compliance?
Shayna Arrington: Everything. They think about every aspect of the process. I think that it really starts with educating the consumer and making sure that they understand their options for relief. Pre-pandemic, we weren’t regularly engaging in conversations about things like forbearances, deferrals, and partial claims. And yet, now here we are 18 months later, and we’re throwing those phrases around like confetti. They are complex concepts and need to be carefully explained to the consumer.
I would compare it to the disclosures that an MLO makes to the consumer at the origination of a transaction, where they’re explaining the terms and conditions of the obligation and what that actually means in the long term. The consumer needs to understand what their options are, and how it impacts their financial situation. It’s just it’s not a one size fits all approach. It’s unique to the individual borrower and what’s right for them and their family. We’re not making widgets here and you cannot treat your borrowers like you are.
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Below is the transcription of the interview. These transcriptions, powered by Speechpad, have been lightly edited and may contain small errors from reproduction: