Important Compliance Issues for the Real Estate Industry in 2015
With nearly 15 years of legal experience, Attorney Kathleen Kilkenny practices real estate law at her office in Massachusetts, where she helps clients in the Cape Cod area during real estate transactions. Kathleen Kilkenny also stays current with changes in the real estate industry by maintaining membership with professional organizations like the American Land Title Association (ALTA).
ALTA recently publicized an article from HousingWire.com that reviewed some of the significant compliance issues for 2015, including the Home Mortgage Disclosure Act (HMDA) and mortgage servicing and sub-servicing matters. The article noted that additional HMDA data-gathering standards will be initiated, but the ultimate scale, particulars, and implementation date have yet to be released. Although the details are still in progress, the article states that the range of the new data-collection field requirements will be extensive and add new challenges for banks and financial institutions.
The article also asserts that regulatory agencies have expressed that there will be continued emphasis on mortgage servicing and sub-servicing guidelines. According to the article, 2015 will most likely bring additional modifications in mortgage servicing standards, such as new security measures for surviving family members and homeowners.