WASHINGTON (10/16/14)--New regulations are raising compliance costs and concerns, according to several surveys of financial institutions released Wednesday.
Mortgage lenders have reported compliance costs are up nearly 30% over the past year, and compliance concerns at U.S. financial institutions are also up nearly 30% from January 2013.
The Office of the Comptroller of the Currency, Consumer Financial Protection Bureau and Federal Deposit Insurance Corp. have all issued rules and regulations affecting the mortgage industry in the last year.
Fannie Mae's Mortgage Lender Sentiment Survey polled senior mortgage executives in August and found:
Wolters Kluwer Financial Services also conducted its Regulatory and Risk Management Indicator, which began with a baseline score of 100 in January 2013, when it surveyed nearly 400 credit unions and banks.
Since then, it has risen to 128 following the latest survey of more than 300 financial institutions in August.
Other results of the indicator include:
Use the resource links below to access the results of both surveys.