Today is the five year anniversary of the Dodd Frank Act which brought significant reform and regulation to the lending marketplace. Regardless of the varying opinions on whether or not the Act was a “good thing,” it is still in effect and changes are still coming. Coincidentally, or not, today the word officially came out that the new Consumer Financial Protection Bureau regulations for residential mortgage lending have had their effective date pushed to October 3rd of this year.
Previously they had been scheduled to take effect on August 1st.
Law in general is always in flux, but there are big changes that have been rolling in over the past five years in the mortgage lending marketplace and the new CFPB regulations will mark a large step in those changes. The regulations are aimed at lenders, but will certainly affect borrowers and real estate attorneys.
We have an amazing team here at Decato Law that is flexible and ready for change. We are excited to work together to serve all of our clients now and in the future.