“We all still have to comply with all the laws that the CFPB has jurisdiction to enforce. And there are also other regulators – consumer, state regulators, banking regulators – depending on whether a mortgage participant is a bank originator, or servicer, or nonbank,” she said. “You’ve got different regulators and consumers out there still looking to enforce the laws.”
And Daniella Casseres, partner and head of the mortgage regulatory practice group at Mitchell Sandler, also underlined the growing reach of state regulators.
“They are enforcing more, they’re implementing new laws that give them more enforcement teeth – similar to what the CFPB had,” she said. “I’m seeing a lot more investigations and power behind the states.”
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