MBA Sends Letter to Bureau of Consumer Financial Protection on RESPA and TILA Disclosures

MBA Sends Letter to Bureau of Consumer Financial Protection on RESPA and TILA Disclosures

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.

If you have any questions, please contact Melissa Key, Public Affairs Specialist, at (202) 557-2799, ">.

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MBA

The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation’s residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 2,400 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field.

Contact:

Mortgage Bankers Association
1331 L Street, NW
Washington, DC 20005

Phone: (202) 557-2700

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