New Mortgage Disclosure Rules May Be On The Way

Banks may soon get the opportunity to test drive new mortgage disclosure policies before they are enacted, according to a plan outlined by the Consumer Financial Protection Bureau this week.

Though this idea is not finalized, the proposed plan—called Project Catalyst—would allow banks to make recommendations on how best to communicate disclosures to borrowers. The CFPB is expected to announce these new rules next month.

Project Catalyst is part of a broader initiative launched in 2011 to outline mortgage disclosures that are required under Dodd-Frank.

Proponents of the plan applaud the CFPB’s efforts to create trial programs that will benefit both financial institutions and consumers.

To read the CFPB’s full proposal, click here.

  • flyingmane@yahoo.com

    I can only hope that these new rules wont burden more agents and brokers – does anyone in DC really understand how tough our job is already? I dont know about you but as bad as 2011 was – 2012 was worse for me!

  • Teddy R.

    Our jobs as agents are hard enough. I’m hopeful that this new red tape will make things easier – enough with making it harder.

  • Reggie Cleveland

    More red tape. Excellent! I appreciate that they are trying to listen to everybody, but just pick a direction and move forward.