Get Ready for Second Round of CFPB’s Draft Mortgage Disclosure Form

06/24/2011 6:39 PM | Anonymous

If you remember the headaches caused by HUD’s RESPA reform in 2009, it’s vital ALTA members provide feedback as the Consumer Financial Protection Bureau (CFPB) attempts to combine the Truth in Lending Act (TILA) disclosure and the Real Estate Settlement and Procedures Act's Good Faith Estimate (GFE).

The CFPB is expected to release its second draft of the combined mortgage disclosure form next week and will begin discussing a new HUD-1 in the near future. In May, the CFPB released two initial prototypes, calledFicus Bank (Prototype 1) and Pecan Bank (Prototype 2). The CFPB accepted public comments on the draft forms for about a week. ALTA’s RESPA Task Force preferred the layout of the Ficus Bank form compared to Pecan Bank.

Once the CFPB releases its second round of the draft form, it will once again accept public comment for at least seven days. 

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