As the tension surrounding TRID has begun to die down, however, many of us will begin to wonder, "What's next?" What can we expect going forward in regards to regulation? What's in the pipeline? Are we going to see more important rulings like TRID surface throughout the end of the year or the beginning of next? Here are my thoughts...
Over the next year, I think we'll begin to see regulations level off. Of course, regulators won't go away -- but I don't think they will ease up quite a bit. And here's why: the 2016 election. As we approach November of next year, we're going to see more and more people in power wanting to play it safe. No one is going to want to rock the boat until they get the candidate they want into office. For us, I think that may mean a mild 2016 when it comes to compliance.
All that being said, the same thing that may give us a break in 2016 may give us an even bigger headache come 2017. It all depends on the administration that gets into office. But, regardless of what happens at that point, I think we can expect a much needed breather over the course of the next twelve months.
For the last several years, the regulatory environment in the mortgage industry has been on fire. We have been investing incredible amounts of time and resources into making our organizations compliant. Recently, TRID has taken up much of our attention and getting ready for it has been constantly on our radar. Even now, many of us are still rushing to become compliant.