CFPB to Streamline Laundry List of Disclosure Changes
November 19, 2012
The Consumer Financial Protection Bureau (CFPB) will hold off on some new mortgage disclosures under Dodd-Frank in order to put them on the same timeline as consolidation of the Truth in Lending Act and Real Estate Settlement Procedures Act, expected in 2013. The delay will affect about a dozen changes -- including warnings about negative amortization features on loans, lender policies on partial payments, and disclosures about cancellation of escrow accounts. "Considering these disclosures on the same timeline will ensure that consumers receive clear, concise and consistent information," said CFPB director Richard Cordray in a press release. New servicing guidelines, compensation rules for loan originators, and a rule dictating how lenders verify borrowers' ability to pay, meanwhile, are among the rules still on track for January implementation.
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