For lenders, the CFPB’s staying power has finally achieved certainty with the Senate’s recent confirmation of Director Richard Cordray. The Senate’s agreement also means the industry can expect an avalanche of new rules.

“The CFPB and most regulated entities had already been behaving as though the Director appointment issue would be resolved, and now it has been,” said Christopher J. Willis, a partner in Ballard Spahr’s Consumer Financial Services Group.

Although many of the rules do not apply to reverse mortgage lenders specifically, they will change the lending landscape, from assessing borrowers’ ability to repay their loans, disclosing information about the loans, compensating loan originator, and servicing mortgage once they are closed.

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Consumer Financial Services
Mortgage Banking