CFPB to Reopen Know Before You Owe Rulemaking

Posted To: MND NewsWire

The Consumer Financial Protection Agency (CFPB) just opened the door to possible changes and refinements in its Know Before You Owe rule. The agency, in a letter addressed trade groups representing principal mortgage origination stakeholders such as the American Bankers Association, Mortgage Bankers Association and credit union trade groups and their members said it has begun drafting a Notice of Proposed Rulemaking (NPRM) on the rule, and hope to open it for comment in late July. CFPB acknowledged the implementation of the rule, which contains the Truth-in-Lending Disclosures (TRID) requirement has posed many operational challenges, particularly because of the "diversity of participants, from small to large financial institutions, mortgage brokers, real estate brokers, and title companies...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

from Mortgage News Daily http://ift.tt/26AT0Mk