Has the flurry of recent mortgage rules got you down? Well, don’t fret, just yet. Of course PolicyWorks is going to take good care of you, and help you understand and implement the new rules. But, the CFPB has also vowed to provide “plain language guides” to help credit unions gain additional insight into the rules. This is a new process, and we don’t know what “plain language” means just yet, but, I like the fact that the CFPB is taking some ownership in the implementation of the rules, as well as the creation of them.
In a recent press release the CFPB informed us that they plan to do the following:
- Coordinate with other agencies, so that they have a shared understanding of the rules.
- Publish the plain language guides I’ve mentioned.
- Publish updates to the official interpretations, beginning in the spring.
- Publish readiness guides, which are said to include checklists (and compliance people LOVE their checklists!).
- And educate consumers about the new rules.
So, instead of letting these changes stress you out; think of them as job security. You can be sure that PolicyWorks will provide you with additional insight, as we near the effective dates. And the Bureau itself is going to lend a hand.
As Red Green would say, “we’re all in this together.”