Regulation is hardly new to this industry. However, regulatory compliance is one of today’s biggest challenges. What’s different today is the zero-tolerance way that regulations are being interpreted and enforced, with once considered clerical and minor errors now becoming incurable errors.
Are you aware of the following January 2014 requirements?
- Ability-To-Repay (ATR) and Qualified Mortgage (QM);
- High Cost Mortgage Amendments and new Home-ownership Counseling Requirements;
- Escrow Requirements for Higher-Priced Mortgage Loans’
- Enhanced Appraisal Requirements for Higher-Priced Mortgage Loans;
- Additional Disclosure and Delivery Requirements for Appraisals;
- Loan Originator Compensation Requirements;
- Mortgage Servicing Rules.