171 pages released today of proposed amendments focusing
primarily on clarifying, revising, or amending provisions on: (1) loss mitigation procedures
under Regulation X’s servicing provisions; (2) amounts counted as loan originator compensation
to retailers of manufactured homes and their employees for purposes of applying points and fees
thresholds under the Home Ownership and Equity Protection Act and the qualified mortgage
rules in Regulation Z; (3) exemptions available to creditors that operate predominantly in “rural
or underserved” areas for various purposes under the mortgage regulations; (4) application of the
loan originator compensation rules to bank tellers and similar staff; and (5) the prohibition on
creditor-financed credit insurance. The Bureau also is proposing to adjust the effective dates for
certain provisions of the loan originator compensation rules. In addition, the Bureau is proposing
technical and wording changes for clarification purposes to Regulations B, X, and Z.

http://files.consumerfinance.gov/f/201306_cfpb_proposed-modifications_mortgage-rules.pdf

Final unless and until they issue another final rule.

It's starting to get confusing what is a final rule, final-final rule, etc.

I have a feeling that this is an opera in which the fat lady will never sing.

In the words of the immortal Yogi Berra, "It ain't over 'til it's over."

And to quote my good friend Sam, "The final rule is whatever the latest version is."

Written by lawyers, for lawyers and only lawyers!

Sequeal now has a new meaning!

ARe you kidding me? I have to interpret this stuff FOR lawyers.

I do the same even when I was an Assistant Manager.

One thing I have learned it that even when you prove the lawyers wrong they will come up with some document that is an exception that is not material to to the discussion that show that they are in their opinion correct (even when it clearly shows that they are wrong).

Been down that road, Ed...it can be exasperating for sure!

The courtroom is always full of compliance officers? Why do you think the guys left the bureau?