Posted To: Pipeline Press

While Louisiana is focused on Hurricane Laura, 2,200 miles away California is focused on its wildfires… and regulations. Remember that about 25 percent of the United States’ residential loan production comes out of California, so plenty of lenders pay attention to what happens out there. At the start of 2020, the California Governor’s office made it clear they wanted to reorganize the California Department of Business Oversight (DBO) and expand its scope and enforcement authority by creating the Department of Financial Protection and Innovation. Basically, a state version of the CFPB that would have overlaid the existing licensee structure and regulatory requirements and created a whole new layer of regulatory requirements and enforcement ability. This was to include significant…(read more)

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Source: Mortgage News Daily