During a session on June 11 at October Research, LLC’s 10th Annual National Settlement Services Summit, or NS3, a panel of industry leaders — including the man largely responsible for designing the Consumer Financial Protection Bureau’s (CFPB) new integrated mortgage disclosure forms — charted a course for implementation of what they called “a sea change for the mortgage loan origination process.”
The discussion moved from a review of how the new rules came to be, advised attendees on what they should be doing right now to prepare for the changes and previewed what is to come in the next year as the Aug. 1, 2015, implementation deadline looms.
How we got here
Richard Horn, a partner with Dentons US LP and former senior counsel and special advisor in the CFPB’s Office of Regulations — and importantly, the leader of the final rulemaking and form design — kicked off the session by offering a history of the rulemaking and a description of the consumer testing process.
TO READ THE FULL STORY
Cover Story: