Technology Regulatory Relief Changing Mortgage Lending

According to remarks by Craig Phillips, Counselor to the Secretary of the Treasury, the mortgage industry is at a technological inflection point which will reshape the industry, as covered in National Mortgage News.

Warning of inconsistent enforcement action by the CFPB, rather than notice and rulemaking, Mr. Phillips noted that this has created an unstable and unpredictable regulatory environment for market participants. Comparing technology in other developed nations to United State, Mr. Philip noted the need to improve technology in the U.S., and said that the Treasury Department is focused on better tailoring technological regulations for mid-sized and regional banks.

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