CFPB Updates Timeline for Release of Final Mortgage Disclosure Rule
|July 16, 2013|
The Consumer Financial Protection Bureau has shed a little more light on when the industry can expect a final rule regarding the Bureau’s efforts to create new mortgage disclosures.
The Bureau has proposed a new Loan Estimate and Closing Disclosure that will replace the current Truth in Lending (TIL), Good Faith Estimate (GFE) and HUD-1 Settlement Statement.
In its semi-annual update of rulemaking agenda, the CFPB indicated that the final rule isn’t expected to be released until at least October. Pending the results of additional testing, Kelly Cochran, CFPB’s assistant director for regulations, wrote in a July 2 blog post that the CFPB plans to issue the final rule this fall and that the Bureau does “not expect any implementation work to begin until after the January 2014 effective date for the earlier mortgage rules.”
In a July 1 meeting with Michelle Korsmo, ALTA's chief executive officer, and Justin Ailes, ALTA's vice president of legislative and regulatory affairs, Cordray said that the CFPB will release its final rule “this fall.”
Check out ALTA’s website for more information about the Bureau’s efforts to create new mortgage disclosures. Once the final rule is released, ALTA will hold webinars to educate members about the changes.