Upon the announcement, many lenders, servicers, and other industry members weighted in with their feedback in interviews with MReport, with many expressing their gratitude and detailing the company adjustments they plan to initiate if the proposal is approved.
Faramarz Moeen-Ziai, SVP of National Sales and Production at Commerce Home Mortgage noted that even though the August 1 deadline was known for some time, the forms themselves were not finalized until early this year and there were some procedural gray areas that were ironed out as recently as April, he said in an interview with our publication. He also added that programmers are probably breathing a sigh of relief about having two more months to work out any bugs in their respective systems.
"Any change in the regulatory requirements impacts business rules that are all layered on top of one another, so a new form with new mandatory wait times takes a great deal of effort to implement,” Moeen-Ziai said. “It gives us more time for trouble shooting and for looking for bugs. We are ready to go but will not really know what the true challenges are until we are actually in the live environment, post-implementation."