ABA and three other trade groups have urged the CFPB to quickly publish much-needed clarifications on its new mortgage-related rules and to extend the rules’ compliance deadlines.
The trade groups emphasized in a letter to bureau Director Richard Cordray that they are repeating their urgent request that the CFPB use its exemption authority to extend the mortgage rules’ compliance deadline from 12 months to 18 to 24 months. Without more time to comply, we are concerned certain lenders may choose to mitigate the resulting operational risks by reducing, or even eliminating, their mortgage lending activities. This will be devastating to the industry and reduce mortgage loan options for consumers at a time when all agree there should be an increase in responsible mortgage lending.
The trade groups also explained the importance of receiving clarifications on the rules as quickly as possible.
Link to Letter: Joint Trades Letter on CFPB Mortgage Rules
Link to Article: ABA Reform Tracker