MBA Statement Regarding Updated Know Before You Owe Rule

MBA Statement Regarding Updated Know Before You Owe Rule

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.”

CONTACT
Rob Van Raaphorst

(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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