Magazine article Mortgage Banking

August 2015

Magazine article Mortgage Banking

August 2015

Article excerpt

It's not over yet, folks. Yes, Jan. 10 has come and gone and the industry is already complying with a whole host of regulations from the Consumer Financial Protection Bureau (CFPB).

But there's yet another big deadline still to come. And it's August 2015.

That's when the front-end replacement disclosures for the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) must be put in place. And that has the industry's technology and forms vendors staying awake at night--more than a year out from the final deadline. The change represents a massive undertaking. And they are the worker bees that will have to make it happen. So the extensive retooling must begin now to create enough lead time to pull it all off--and test it--so there won't be massive glitches come August of next year.

Whether borrowers will get real benefit out of new integrated disclosures about their chosen mortgages remains to be seen. Check back in September of next year and we will have a better answer.

But in the meantime, plenty of costly staff hours are being logged to make yet another government mandate come to fruition. And from the people I've talked to, they are grateful, at the very least, that this deadline wasn't also set for Jan. …

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