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Are lenders following the new regulations on mortgage creation?

On Behalf of | Sep 26, 2016 | Foreclosure Defense

Last year, a variety of new federal mortgage regulations were put in place. Among the topics these regulations touched on was the creation of mortgages. How much mortgage regulations end up helping and protecting homeowners in part depends on what level of compliance lenders have towards the regulations.

How have mortgage lenders been doing at complying with the new regulations, including those on mortgage originations? In a review it did of mortgage lender practices and compliance systems, the Consumer Financial Protection Bureau found that lenders have been doing pretty well overall on this front.

The agency concluded that most lenders were in compliance with the new rules. It also found that, when it came to mortgage originations, the companies it looked at were staying away from practices that would be deceptive or unfair.

Do you think this high level of compliance will continue in upcoming years?

Of course, these new regulations are hardly the first and only ones regarding mortgages. There are government regulations on all different sorts of mortgage-related issues, including foreclosures. As with the new mortgage origination rules, it is critical that lenders follow the rules on foreclosures. Homeowners deserve to have their rights respected and the various protections given to them by law complied with during the foreclosure process. Experienced attorneys can help Texas homeowners who have had a foreclosure brought against them with determining if their lender is following the applicable rules. They can also assist homeowners with responding to foreclosure rule violations by their lender.

Source: San Antonio Express-News, “Most Lenders Have Incorporated New Mortgage Regulations,” Sept. 20, 2016