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House members urge CFPB to delay effective dates of mortgage rules

Posted in Mortgages

A letter dated November 5, 2013 to Director Cordray signed by 118 House members urges the CFPB to delay the effective dates of its ability-to-repay/qualified mortgage rule and other mortgage rules from January 2014 to January 2015. 

The CFPB has continued to resist widespread calls for it to delay the rules, with Director Cordray trying to offer an olive branch by suggesting that the CFPB intends to take an approach of being reasonable in enforcement with lenders that have made a good faith effort to comply.  As we have pointed out, while the CFPB may not be looking for compliance perfection, industry should not expect the same from plaintiffs’ attorneys.