NTC comments on the recently implemented mortgage rules designed to eliminate risky lending practices - NTC predicts the rules will place emphasis on the company's compliance services.
As a result of the questionable lending practices that led to the housing crash, the Consumer Financial Protection Bureau (CFPB) has established a national standard for issuing mortgages. The Ability-to-Repay Rule, designed to protect consumers from debt traps, took effect Jan. 10. Nationwide Title Clearing, Inc. (NTC), a leading research and post-closing services provider for the residential mortgage industry, predicts that the new guidelines will help standardize the industry. NTC officials also maintain that while the new regulations will likely not affect the company's internal compliance processes, company officials expect a greater emphasis on NTC's services that help lenders and servicers comply with the new national servicing standards, such as its various research and property report products.