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News Now

Washington
CFPB has mortgage rules on its near-term agenda
WASHINGTON (9/28/11)--The Consumer Financial Protection Bureau (CFPB) will soon take on mortgage rules, and plans to publish those mortgage regulations alongside simplified homebuyer disclosure forms next July, according to CFPB Assistant Director for Mortgage and Home Equity Markets Pat McCoy. McCoy said the agency will begin developing the new mortgage rules as soon as the ongoing mortgage disclosure form revision project is completed. McCoy made her remarks before a Mortgage Bankers Association conference, Bloomberg reported Tuesday. Reuters last week reported that de facto CFPB leader Raj Date said the new standards will require lenders to ensure their borrowers will have the ability to repay their mortgages. The mortgage disclosure project is scheduled to undergo its final revision later this year. The project, which started earlier this year, seeks to produce a combined form for Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) disclosures. The most recent draft is the fourth of five planned draft disclosure releases, and that draft asks finance industry insiders and consumers to compare two different types of loan products using the same version of the revised mortgage form. For more on the CFPB mortgage disclosure project, use the resource link.


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