Advertisement
Home About Us Contact Us Magazine Subscribe Now
Welcome to TheMReport.com—News and strategies for the evolving mortgage marketplace. Sun May 19, 2013
Origination Analytics Servicing Secondary Market Technology Processing Administration
Investors Lenders & Servicers Service Providers Attorneys & Title Companies Agents & Brokers

CFPB Convenes Panel to Review Mortgage Disclosure Forms

The Consumer Financial Protection Bureau (CFPB) took steps Tuesday to engage mortgage lenders by forming a small business panel to review the integration of mortgage disclosure requirements into a single uniform document.

The Dodd-Frank Act obligates the bureau to streamline conflicting rules and statutory requirements from the Real Estate Settlement Procedures Act and Truth-in-Lending Act.

The CFPB billed the panel as a way to increase transparency with mortgage lenders, take into account their thoughts for a single form, and build a fairer and more comprehensive document for borrowers.

“This is another step in the CFPB’s wide-ranging efforts to gather the input of the people who will be affected by our rules,” CFPB director Richard Cordray said in a statement. “The CFPB is dedicated to issuing thoughtful, research-based rules that take into account not only the benefits to consumers but also how businesses of all sizes will be affected.”

Among other ways, the bureau plans to task the small business panel with review of loan estimates, disclosure terms, and various requirements related to the two long-standing laws.

The CFPB said in the statement that the formation of a panel builds on form-testing activities it has conducted in nine cities and more than 27,000 comments received from the public and industry sources.

The bureau will move forward by proposing a rule for the disclosure form in the Federal Register by July. A report on the disclosure form is due two months after the panel assembles.


Friend's Name


Friend's Email*


Your Name


Your Email*


Security Code


Enter security code*

Message




Advertisement

Sign up for daily e-mail updates.



Looking for more out of MReport? You can always pass on your knowledge, news tips, and story ideas to be considered for TheMreport.com or the MReport magazine.

Simply e-mail MReportEditor@TheMReport.com.

We appreciate your time and contribution. Whether you choose to tell us a little about yourself or prefer anonymity, we want to hear from our readers!


Advertisement
About Us

TheMReport.com keeps you informed through daily Web casts, community forums and a wide range of industry resources. With one click to TheMReport.com, the Mortgage Origination industry is at your fingertips!

Home About Us Contact Us Magazine Subscribe Now