Earlier this week CFPB Director Cordray warned financial institutions not to expect an extension of the January 10, 2014 compliance deadline for the CFPB’s new mortgage rules. In a speech before the Exchequer Club, Cordray notified financial institutions that the CFPB “fully expect[s] all institutions to be in compliance by next January.”  During the same speech, however, Cordray also advised that the CFPB is expecting “to issue a second round of proposed changes shortly.” There is no word yet on what these changes might entail. While it is encouraging that the CFPB is listening to stakeholders and attempting to resolve any issues regarding the rules before they go into effect, one has to wonder, with less than seven months until the effective start date of these new mortgage rules and with Congress currently considering legislative changes to some of these rules, whether a steadfast adherence to the discretionary deadline of January 10, 2014 is in the best interest of consumers and financial industries. Nonetheless, mortgage lenders and servicers should continue with their implementation plans in anticipation of the January, 2014 compliance deadline.