WASHINGTON, DC – July 12, 2012 – (RealEstateRama) — The Consumer Financial Protection Bureau (CFPB) has released its proposed rule to harmonize TILA and RESPA mortgage forms—forms borrowers receive when they shop for and apply for a mortgage to buy a house.
“The Financial Services Roundtable and its Housing Policy Council have long supported simplifying and harmonizing mortgage disclosures to help ensure that consumers fully understand the terms of their mortgage loan. Currently, the forms and disclosures required under the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) include pages and pages of information that can be, at times, confusing, contradictory, or redundant.
It is critical that consumers understand the terms of their mortgage loan before reaching the settlement table. Over the past year, we have worked closely with the CFPB and we commend them for their work on this important task of creating unified disclosures that are effective for borrowers and lenders alike. However, the proposed regulation is 1,000 pages and we are reviewing this detailed regulation. We plan to comment on the proposed regulations and continue to work with the CFPB to achieve the fundamental goal of reducing complexity and improving clarity in mortgage disclosures.”
The Roundtable’s Housing Policy Council is made up of thirty companies that are among the nation’s leaders in mortgage finance. Member companies originate seventy-five percent of the mortgages for American home buyers. Member companies participate in the Council through the senior mortgage executive in their company.
The Financial Services Roundtable represents 100 of the largest integrated financial services companies providing banking, insurance, and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO.
Roundtable member companies provide fuel for America’s economic engine, accounting directly for $92.7 trillion in managed assets, $1.2 trillion in revenue, and 2.3 million jobs.
Elise Brooks, (202) 589-2427