Nancy Thomas spoke to Inside Mortgage Finance about the recently passed legislation that seeks to revamp the Department of Business Oversight (DBO) under a new name, the Department of Financial Protection and Innovation (DFPI), with expanded oversight and enforcement authority.
"That reorganization and expansion is going to have a significant impact on all regulated entities, including mortgage lenders and servicers," said Nancy, "We see a lot of 'regulation by enforcement' in the DBO ... I think that's going to continue [in the DFPI] and is going to be more."
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