CFPB Shifts Gears on Revising Good Faith Estimate Form

February 28, 2012
American Banker 
consumer financial protection bureau news

The Consumer Financial Protection Bureau, which is assembling a panel of small businesses to review its mortgage application and closing disclosures, will look to merge Real Estate Settlement Procedures Act and Truth in Lending Act regulations before finalizing changes to the good-faith estimate. The agency wants to move from a 10 percent tolerance level to a zero-tolerance level on cost estimates when a lender recommends an independent settlement servicer provider, in order to make loan estimates more reliable for borrowers.
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