When the Consumer Financial Protection Bureau (CFPB) released its 1,099-page proposed rule on July 9 regarding the integration of the RESPA and Truth in Lending Act disclosure forms, it was received with equal parts skepticism and angst by the industry. The sheer length of the proposal has been a lot to digest, not to mention its complexity.
The CFPB is giving industry professionals a chance to make comments that would alter this proposal to ensure the final rule is right for all parties involved in the mortgage transaction.
“Everyone who has a stake in residential real estate transactions will need to have an in-depth understanding of the proposal in order to comment on the areas impacting them,” said Syndie Eardly, editorial director at October Research LLC. “The CFPB is asking for feedback on very crucial elements in the transaction process. Industry members should focus on this reform now so that when the time comes to implement the final rule, there will be no surprises.”
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There are still a few months for industry pros to weigh in on the proposal. Have you read through the document or at least some of the highlights? Have you made your comments known?