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Legislator asks to Delay New Mortgage Rules

Representative Shelley Moore Capito (R-WV), who serves as Chairman of the House Financial Services Subcommittee on Financial Institutions and Consumer Credit, is garnering support to encourage Consumer Financial Protection Bureau (CFPB) Director Richard Cordray to postpone implementation of the new mortgage rules set to take effect in Jan. 2014, until Jan. 1, 2015. Noting financial institutions have 4,000 pages of new regulations to pore over, she says some smaller firms may only have one or two compliance officers, making it especially difficult for them to be in full compliance by the deadline. Included in the delay would be the HOEPA High Cost Mortgage Rules that impact manufactured housing. According to the Manufactured Housing Institute (MHI) newsletter to MHProNews, Cordray has made it known he does not want to forestall implementation of the mortgage rules.

(Image credit: HousingWire)

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