Let’s chew off some important aspects of the CFPB.
The effective date for implementation of all of these changes (for the benefit of the consumers) is AUGUST 1, 2015.
That seems like a long time to get ready for this, but it will be here before you know it. You’re going to have to make internal changes, decide company policies, work with your automation vendors for changes in your software, and be on the provider list for your lender. If you are not on a lender’s provider list, you may be turning away business. We will get into the nuts and bolts of being prepared to meet the standards for CFPB later. But be good to your lenders.
When I was Deputy Superintendent of the New Mexico Division of Insurance, besides title insurance, I also was involved in what has become known as Obamacare. That taught me a lot about the federal regulations and deadlines.
Because of the magnitude and quirks of Obamacare, some deadlines were moved, but not until the day before they were to take effect.
I DO NOT think this will happen to CFPB. DO NOT disregard this date: AUGUST 1, 2015. Underline it. Highlight it in red, or black.