I also noticed that the lending guidelines are not yet enacted, so MEW is still going strong.
I read over the new guidelines and the commentary the feds provided on them. One part that was of interest to me was:
“Many commenters voiced concern that the guidance will not apply to all lenders, and thus federally regulated financial institutions will be at a competitive disadvantage. The Agencies note that both state financial regulatory organizations that commented on the proposed guidance – the Conference of State Bank Supervisors (CSBS) and the State
Financial Regulators Roundtable (SFRR) – committed to working with state regulatory agencies to distribute guidance that is similar in nature and scope to the financial service providers under their jurisdictions. These commenters noted their interest in addressing
the potential for inconsistent regulatory treatment of lenders based on whether or not they are supervised solely by state agencies. Subsequently, the CSBS, along with a national organization representing state residential mortgage regulators, issued a press release confirming their intent to offer guidance to state regulators to apply to their licensed residential mortgage brokers and lenders.”
So, as far as I understand this, the state agencies INTEND to issue GUIDANCE to the regulators that will eventually get around to applying it, presumably through laws or whatever.
Who knows how long this might take. Anyone have any idea or knowledge of the field??
