SOURCE: Mortgage News Feed
Post-financial crisis regulatory changes have impacted the financial services industry in various and significant ways. But perhaps the sectors most affected are those that are consumer facing. Mortgage originators and servicers took much of the blame during the financial crisis as loan defaults skyrocketed. The backlash from regulators and politicians was immediate and material with a flood of new regulations and guidelines. The Dodd-Frank Wall Street Reform and Consumer Protection Act, intended to protect consumers and the stability of the financial system, is highly complex with multiple key rules still not finalized. While many would agree that the Act is only partially effective, the Dodd-Frank Act did lead to the creation of the Consumer Financial Protection Bureau (CFPB).
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