WASHINGTON, D.C. (July 10, 2017) – (RealEstateRama) — David H. Stevens, President & CEO Mortgage Bankers Association (MBA), released the following statement regarding the Consumer Financial Protection Bureau (CFPB) finalized updates to its “Know Before You Owe” mortgage disclosure rule:
“MBA appreciates the CFPB’s efforts in amending the Know Before You Owe rule to address several significant questions that have been raised for some time by our industry. This is an extensive rule and we intend to review it closely with our members. We note that CFPB has proposed a new rule to deal with issues concerning needed revisions to the Closing Disclosure during the mortgage process that we will carefully review and comment on as well.
“MBA looks forward to continuing to work with the CFPB on rules and guidance to provide greater clarity to better protect consumers.”
Rob Van Raaphorst
(202) 557- 2799