For those in the mortgage industry, Donald Trump's presidential election victory prompted a very particular set of questions, because while Trump has been vague about many issues, there is one area about which he has been very clear—his desire to roll back the banking regulations mandated by the Dodd-Frank Act.

The biggest question for the mortgage industry is what will happen to its newest regulator, the Consumer Financial Protection Bureau. The CFPB was created by the Dodd-Frank Act—the very legislation Trump has vowed to dismantle—and has aggressively pursued mortgage finance reform through rulemaking and enforcement actions in lending and servicing.

"I think the likelihood of the CFPB being abolished is pretty low–it would take significant effort, which would be met with a fair amount of resistance. The easier path will be revamping its governance structure. That can play out a couple different ways," said Ballard Spahr's John Socknat.

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