A recent blog post by Fred Gooch, general counsel and vice president of Compliance, was featured on NationalMortgageNews.com. It is the first of a series of monthly compliance-centered pieces that will be available for reading online throughout 2013. Providing monthly analysis of top compliance and mortgage industry-related issues and news will allow us to be the voice of experience and knowledge in a top trade publication.
The December blog post outlined the uncertainty lenders face beginning January 21, 2013 when the Consumer Financial Protection Bureau (CFPB) will propose at least seven new rules affecting the loan origination market. Implementation and understanding of just how the regulatory changes will play out are on the minds of lenders as they are caught between inaction and concern. Gooch addresses the need for lenders to adopt a process that can absorb new regulations whenever they are announced that will serve as a roadmap for implementing any new regulation. A process that cohesively loops in lenders’ procedures, systems and third party vendors will make way for a smooth transition and easy implementation.
Gooch’s inaugural post will be featured in the January issue of Origination News. His posts will be available online at the beginning of each month at www.nationalmortgagenews.com.