In 2008, when the US housing bubble burst, the effects were felt worldwide. Banks collapsed, economies went into a tailspin and too many people lost their homes. As the real estate market saw housing prices plummet, the relocation industry had to reevaluate many practices revolving around home sale for assignees. Effective January 2014, the Consumer Financial Protection Bureau established new mortgage servicing rules aimed to protect homeowners facing foreclosure and next year they will be introducing new Loan Estimate and Closing Disclosure requirements. For consumers, this can help rebuild the confidence many lost over the last 5 or 6 years. For practitioners, things are getting a lot more complicated. This month’s Mobility Magazine offers an overview of how these new rules are going to affect the industry as well as insight into how to adopt these new rules.
For those interested in learning about the CFPB regulations as well as possible training options: http://www.consumerfinance.gov/regulatory-implementation/