Are you prepared for CFPB regulations? Congress established the Bureau of Consumer Financial Protection (CFPB) through the Dodd Frank Wall Street Reform and Consumer Protection Act. Real Estate is no longer under HUD....effective January 10, 2014, we will no longer have HUD 1 forms and the term "Good Faith Estimate" will be a thing of the past. Lenders and title companies have to to comply with the new regs; however, many of these rules haven't been shared with these entities.
Just be aware that loans are going to be harder to obtain, costs will most likely go up, liability will increase....our way of doing business is becoming more complicated.
Comments(0)