The mortgage industry has spent the seven years since the Dodd-Frank Act took effect preparing for, implementing and tweaking compliance plans and reacting to new enforcement rules and interpretations. Now the Trump administration is exploring rolling back regulation in general and the DFA in particular, making the future of mortgage industry regulation again uncertain.
An executive order signed by the president in early February instructed the Treasury secretary to report back shortly on any rules that help or hinder the administration's policy. While the order didn't specifically name DFA, on the same day the president told business leaders, "We expect to be cutting a lot out of Dodd-Frank." And Congressional Republicans are getting in on the act, led by Rep. Jeb Hensarling, TX, who is preparing legislation to revise what he calls the "Dodd-Frank mistake."
But with most of the hard work done and profits again in the healthy zone, some in the mortgage industry question whether a review of regulations could cause more harm than good—either by spawning tighter restrictions or by requiring additional time and expense to retool to meet new, albeit looser rules.
Our panel of experts will explore the likely paths forward and how mortgage companies and those in related businesses should prepare for what may come.
For more information, please visit the event website.