WASHINGTON, D.C. – July 6, 2011 – (RealEstateRama)
Members of Media:
On Tuesday, July 5, 2011, the Mortgage Bankers Association (MBA) submitted the attached comment letter to Elizabeth Warren, Assistant to the President and Special Advisor to the Treasury Secretary urging the Bureau of Consumer Financial Protection to meet with key stakeholders as soon as possible on the second set of prototypes integrating Real Estate Settlement and Procedures Act (RESPA) and Truth in Lending Act (TILA) disclosures released by the Bureau of Consumer Financial Protection (Bureau) on June 27, 2011.
MBA believes that a meeting, rather than a request for comment, would provide lenders a better understanding of the direction of the project so they could offer more informed comments and would offer stakeholders an opportunity to explain challenges under RESPA and TILA and the practical concerns posed by the current prototypes.
In the letter, MBA Senior Vice President of Public Policy and Industry Relations Steve O’Connor also suggests the Bureau include practitioners and lenders in the testing the Bureau is conducting to ensure that the Bureau receives feedback from a broader set of users.