Here is a comparison of the disclosure forms used today and the forms proposed by CFPB to become effective sometime in 2014
Disclosure comparison > Consumer Financial Protection Bureau.
The following is an exerpt of a letter from a list of trade associations encouraging Tim Geithner, Ben Bernanke, and Shaun Donovan to consider combining some of the forms that need to be executed in the mortgage process. Read the entire letter here
The undersigned trade associations, representing the real estate finance industry, appreciate the Board's and HUD's efforts to improve disclosures to mortgage borrowers under the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA). At this point, however, Special Advisor to the President Elizabeth Warren and Treasury staff have begun discussions internally and with stakeholders to combine the two disclosures into a single, integrated disclosure, and we understand that effort will be a first priority of the new Bureau of Consumer Financial Protection (Bureau). Every segment of the financial services industry shares the objective of doing something "exceptional" to improve the mortgage disclosure process for consumers and we fully support this important work. Both disclosures are provided to borrowers throughout the mortgage process and integrating them will greatly increase transparency and consumer understanding of the mortgage transaction. Notwithstanding, it is important to recognize that this vital initiative is being undertaken in the midst of a surfeit of proposed and final regulations that require fundamental changes to the mortgage finance business model and a generation of systems which support it.
Read the entire letter at scribd.com
Wed, 2010-11-10 14:41 — NationalMortgag...The Mortgage Bankers Association (MBA), along with several other mortgage industry trade associations, has sent a letter to Timothy Geithner, Secretary of the U.S. Department of the Treasury; U.S. Department of Housing & Urban Development (HUD) Secretary Shaun Donovan; and Federal Reserve Chairman Ben Bernanke calling for improved disclosures for mortgage borrowers under the Truth-in-Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA).
The letter explains that if TILA and RESPA disclosures were harmonized and made simpler, consumers would be better equipped to navigate the homebuying marketplace, better understand their mortgage and settlement costs, and shop intelligently to meet their home financing needs. Therefore, the letter urges regulators to work with Elizabeth Warren and the new Consumer Financial Protection Bureau (CFPB) Director, to develop a comprehensive plan for disclosure reform that includes an agenda and timetable to propose, finalize and implement all mortgage disclosure revisions by the Board, Bureau and other agencies in an orderly manner.
Click here to view a copy of the letter.
For more information, visit www.mortgagebankers.org.
