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.