The U.S. Consumer Financial Protection Bureau (CFPB) continues to drive change in the mortgage industry. The TILA-RESPA Integrated Mortgage Disclosure Regulation, released in November 2013, mandates a compliance date of August 1, 2015 for all lenders. The intricacies of the new disclosure forms and the trickle-down effect of the regulation create complexities across the mortgage value chain. It signifies a paradigm shift in the mortgage industry, from point of sale to servicing.
Lenders will need to update technology platforms, and redesign key aspects of their operations through new policies and procedures. They must immediately start work within their organizations—preparing for changes and addressing unintended consequences of the regulation.
In such a situation, finding the right partner will enable lenders to meet the demands of this game-changing regulation. Accenture Credit Services has the knowledge, experience and solutions to help mortgage originators ensure compliance.