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CFPB continues with mortgage form revisions
WASHINGTON (9/14/11)--The Consumer Financial Protection Bureau (CFPB) has made a slight change in round four of its mortgage disclosure form revision project, asking commenters to “compare two different types of loan products using the same version” of the mortgage form. In recent months, the agency has released several drafts of a sample mortgage form that combines certain consumer disclosures required under the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) into one document. In previous drafts of the form, the CFPB asked financial institutions and consumers to comment on two slightly different versions of the combined form. This time, the CFPB’s Assistant Director for Mortgage and Home Equity Markets Patricia McCoy said the agency “want[s] to make sure the disclosure actually helps consumers understand features of competing loan products, from the overall loan amount to estimates of taxes and insurance costs.” The CFPB in a release asks: “If you’re a consumer, which product would you choose? If your work puts you in a position to advise potential borrowers, which would you recommend?” The mortgage disclosure revisions, known as the "Know Before You Owe" project, is meant to make the disclosures concerning the costs and risks of mortgage loans clearer and to help consumers comparison shop for the best mortgage loan offer. The combined form is required under the Dodd-Frank Act, and the CFPB is required to publish rules and model disclosures for the new mortgage form by July 2012. The CFPB emphasized that this latest release is not the final version of the mortgage disclosure form. Credit Union National Association (CUNA) staff have met with the CFPB to discuss the mortgage disclosure revision project, and CUNA continues to be actively involved in roundtable discussions and other forums with CFPB personnel and others as the drafting and testing phases of the revision process moves forward. For the CFPB release, use the resource link.
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