Mortgage Bankers Association – Steve O’Connor and Bill Killmer
This past year was one of immense change for the industry as four major rules issued by the Consumer Financial Protection Bureau under the Dodd-Frank Act took effect in January, including the Ability to Repay/Qualified Mortgage Rule, National Mortgage Servicing Rules, High-Cost Mortgage Rule and Loan Originator Compensation Rule.
And the coming year will bring another paradigm shift when the Truth In Lending Act/Real Estate Settlement Procedures Act Integrated Disclosure Rule becomes effective in August. This rule constitutes a sea change for lenders, settlement service providers and consumers. In addition, updated Home Mortgage Disclosure Act reporting requirements are expected to be announced sometime in 2015.
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