Bradley attorney Jonathan Kolodziej was quoted in Inside Mortgage Finance News on the release of the Consumer Finance Protection Bureau’s (CFPB) final mortgage serving rules. While the CFPB believes the new requirements will impose a minimal compliance burden, many industry participants expect added strain on residential servicers.
Kolodziej said he is skeptical of the CFPB’s claim regarding burdens imposed by the new rule. “While additional clarity in some areas will certainly help from a compliance perspective, history has repeatedly shown – especially in the mortgage industry – that significant regulatory changes require significant compliance and implementation efforts,” he explained.
Kolodziej noted the final rule will require servicers to make extensive changes involving loss mitigation procedures, successors in interest, servicing transfers and borrowers in bankruptcy.
The complete article appeared in Inside Mortgage Finance News on August 11, 2016.