Were it not for a slip-up at the Consumer Financial Protection Bureau, employees in the mortgage business might have had to forfeit their summer vacations.
New mortgage disclosure rules from the CFPB were set to take effect Aug. 1 and many lenders were far from being ready. Luckily for them, the CFPB was forced to extend the deadline by two months after the agency missed its own deadline for filing paperwork with Congress.
As of two months before the deadline, nearly 80% of banks were still awaiting technology upgrades from their vendors, according to the American Bankers Association. Even if the upgrades are made quickly, banks still need time to test and learn the new systems, says Bob Davis, an executive vice president at the ABA.
“Full confidence in the new systems may not come until months after the effective date,” he says.
The change the CFPB is making […]