-Mortgage lenders concerned about new US consumer agency regs.
M2 EQUITYBITES-April 5, 2013--Mortgage lenders concerned about new US consumer agency regs(C)2013 M2 COMMUNICATIONS http://www.m2.com
5 April 2013 - According to California-based software firm QuestSoft's fifth annual compliance survey the 2013 top compliance concerns for lenders stem from America's Consumer Financial Protection Bureau mandates including the combined Truth in Lending Disclosure and Good Faith Estimate disclosure form, as well as other CFPB-related rulemakings.
According to QuestSoft, the combined TILA/GFE rules accounted for the highest concern among lenders, with 58.8% ranking it a high concern, followed by as yet undefined-CFPB rulemakings at 52.7%.
The survey was answered by more than 425 of QuestSoft's lenders which provided surveyors with nine compliance-related options to express their level of stress over pending regulatory changes.
Other concerns included the Real Estate Settlement Procedures Act (RESPA) fee tolerances (49.7% high concern) and the Qualified Mortgage Rule (49.1% high concern).
The survey also notes that fair lending exams (41.6 % high concern), increased Community Reinvestment Act scrutiny (27.8 % high concern), state consumer lending laws (23.9 % high concern), the National Mortgage Licensing System Secure and Fair Enforcement for Mortgage Licensing Act (19.6 % high concern), and mortgage call reports, all rank as high-to-medium concerns in the 2013 survey.
Find out more at www.questsoft.com.
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|Date:||Apr 5, 2013|
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