ALTA® - CFPB - Consumer Financial Protection Bureau

Advocacy

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Consumer Financial Protection Bureau Know Before You Owe Project

The Consumer Financial Protection Bureau (CFPB) is in the process of creating new mortgage disclosures by integrating forms required under the Truth in Lending Act (TILA) and Real Estate Settlement and Procedures Act (RESPA). This page will provide updates and the latest information on what ALTA and its RESPA Task Force is doing to advocate on your behalf to ensure the new forms benefit consumers and industry.

Timeline of RESPA Mortgage Disclosures

CFPB Issues Proposed Rule and Mortgage Forms

On July 9, 2012, the Consumer Financial Protection Bureau released a 1,099-page Proposed Rule to go with a new Loan Estimate and Closing Disclosure to replace the current Truth In Lending, Good Faith Estimate and HUD-1 Settlement Statement disclosures.

Proposed Loan Estimate with Page References to Rule
Proposed Closing Disclosure with Page References to Rule
Proposed Loan Estimate
Proposed Closing Disclosure
Proposed Rule
Summary of Proposal
Factsheet of Proposal
Know Before You Owe: Evolution of the Integrated TILA-RESPA Disclosures

What You Can Do
Join the Title Action Network to keep up-to-date about the rule and how you can take action.

Conference Calls/Webinars

Click here to view past presentations

ALTA Congressional Testimony

Christopher Abbinante - June 20, 2012

Written Testimony
Oral Testimony
Press Release
Click here to view the entire hearing and read testimony from all panelists

Anne L. Anastasi, CLTP - July 13, 2011

Written Testimony
Oral Testimony
Press Release
Click here to view the entire hearing and read testimony from all panelists

ALTA Communications

ALTA Comment Letter to CFPB - Nov. 6, 2012
ALTA provided comments to the Consumer Financial Protection Bureau (CFPB) sharing concerns about the bureau’s proposed regulations to combine the overlapping federal disclosure forms required by RESPA and TILA.
ALTA Comment Letter on Final CFPB Draft Settlement Disclosure Form - April 16, 2012
ALTA provided comments about the Consumer Financial Protection Bureau's final iteration of the proposed new HUD-1, which the Bureau will call the Settlement Disclosure.

Joint Trade RESPA-TILA Integration Comment Letter - April 16, 2012
ALTA joined eight other trade associations urging CFPB to take the necessary time to crafts legislation accompanying the Know Before You Owe mortgage loan initiative that is balanced and efficient.

ALTA Comment Letter to CFPB's Ben Olson Summarizing Results of GFE Survey - April 12, 2012
ALTA surveyed 3,000 agent members regarding the accuracy of Good Faith Estimates to the actual charges at closing. 205 respondents replied to the survey from January 26, 2012, to February 2, 2012.
- GFE Survey Results
Title Agent Small Business Regulatory Enforcement Fairness Act Letter - March 13, 2012
Average Charge White Paper - February 23, 2012
ALTA Comment Letter to Ben Olson re Technology - February 3, 2012
Director Cordray Response to Joint Trade RESPA-TILA Letter - January 31, 2012
RESPA-TILA Industry Letter January 27, 2012
ALTA Comment Letter and Chart to CFPB on 2nd Round Final Disclosure - December 23, 2011
ALTA Comment Letter to CFPB on 1st Round Final Disclosure - December 5, 2011
Joint Trade Letter RESPA TILA - October 10, 2011
ALTA Comment Letter to Raj Date re Combined Mortgage Disclosures - September 22, 2011
Housing and Insurance Testimony - July 11, 2011
ALTA Comment Letter to CFPB on Combined Disclosures June 27, 2011

Report RESPA Violations

If you want to report a possible violation of the Real Estate Settlement and Procedures Act (RESPA), email whistleblower@cfpb.gov. Include any evidence and contact information so that investigators may contact you. To the extent consistent with law enforcement needs, the Bureau will not disclose your identity and will maintain confidentiality as permitted by federal laws.

For More Information Contact

		Justin B Ailes VP - Govt & Regulatory Affairs E-Mail: jailes@alta.org Phone: 202-296-3671 Ext. 215 Contact Me About: Federal Legislative and Regulatory Issues, NAIC
		Steve Gottheim Legislative & Regulatory Counsel E-Mail: sgottheim@alta.org Phone: 202-296-3671 Ext. 230 Contact Me About: Federal Legislative and Regulatory Issues, Legal Issues
		Jessica McEwen Director of Political Affairs E-Mail: jmcewen@alta.org Phone: 202-296-3671 Ext. 233 Contact Me About: Federal Legislative and Regulatory Issues, TIPAC
		Madeleine Nagy Director-State Gov't. Affairs E-Mail: mnagy@alta.org Phone: 202-296-3671 Ext. 329 Contact Me About: State Government Affairs Issues

News on the Consumer Financial Protection Bureau

December 18, 2012	UPDATE: CFPB Says Disclosure Testing Not Intended for RESPA-TILA Forms
November 8, 2012	ALTA Urges CFPB to Preserve Role of Independent Third-party Settlement Agents
November 1, 2012	Title Agents, Attorneys Should Prepare for Software/Hardware Changes to Accommodate Proposed Mortgage Disclosures
September 27, 2012	Tips on Commenting to CFPB About Proposed Mortgage Disclosures
September 20, 2012	CFPB: New Mortgage Disclosures Won’t Saddle Industry with Major Cost Increase
September 18, 2012	Title Agents, Settlement Service Providers Respond to Requests from Third-party Vetting Companies
September 18, 2012	Ten Associations Urge CFPB to Adopt Broad Qualified Mortgage Rule, Safe Harbor
September 13, 2012	Market Demands on Lenders Impacting Settlement Service Providers
September 11, 2012	ALTA Joins Letter Urging CFPB to Drop ‘All In’ APR Proposal
September 6, 2012	CFPB Extends Comment Period for Proposed Finance Charge Changes
August 14, 2012	ALTA Members Can Access Webinars on CFPB’s Proposed Regulations and Mortgage Disclosures
August 9, 2012	ALTA Webinar Discusses How CFPB's Proposed Three Day Rule Will Impact Business
July 31, 2012	ALTA Webinar Analyzes CFPB’s Proposed Loan Estimate and Closing Disclosure
July 17, 2012	ALTA Hosts Conference Call With More than 300 Members to Discuss CFPB Proposed Rule and Mortgage Disclosures
July 10, 2012	Some Positive Signs in CFPB’s Proposed Rule, but Industry’s Role in Transaction Could Be Threatened
June 21, 2012	ALTA President Outlines Principles for Successful Mortgage Disclosures during Congressional Hearing
June 19, 2012	ALTA President to Testify during Congressional Hearing on Mortgage Disclosures
June 19, 2012	ALTA Hosts Successful Roundtable with CFPB on New HUD-1
June 5, 2012	ALTA Urges CFPB to Improve Average-Charge Regulations
May 25, 2012	CFPB Roundtable with ALTA Members
May 10, 2012	Efforts to Create New HUD-1 Debated at Federal Conference
April 23, 2012	ALTA Comments on Final Draft of New HUD-1
April 23, 2012	Borrowers Receive Between 2-3 Good Faith Estimates Per Transaction According to ALTA Survey
April 17, 2012	ALTA Comments on Last Draft of New HUD-1; New Forms Will Be Proposed in July
April 2, 2012	New Closing HUD-1 at the Top of CFPB's Agenda Says CFPB Director to Chamber of Commerce and House Financial Services Committee
March 27, 2012	A New HUD-1 is Coming . . . Will You Be Ready?
March 26, 2012	ALTA Participates in CFPB Roundtable on RESPA/TILA Forms
March 19, 2012	ALTA to Participate in CFPB and Small Business Administration Panel on RESPA/TILA Forms and Other Upcoming Rules
March 15, 2012	ALTA Details Implementation Cost of CFPB’s Draft Mortgage Disclosure on Settlement Providers
March 8, 2012	ALTA Members Share Concerns of Draft Mortgage Disclosures With Small Business Panel
February 28, 2012	Four ALTA Members to Participate on Small Business Panel Addressing New Mortgage Disclosure Forms
February 23, 2012	CFBP Considering Two Options for Delivery of New HUD-1 to Consumer
February 21, 2012	CFPB Releases Final Round of Draft Disclosure Forms
February 21, 2012	Small Business Panel to Review Impact of New Disclosures
February 2, 2012	Deadline for New HUD-1 Rules Nears; ALTA Asks for Opportunity to Review
January 26, 2012	CFPB Releases Third Round of New Closing Disclosure Prototypes
January 3, 2012	ALTA Letter to CFPB Highlights Concerns of Latest Draft Closing Disclosure
December 20, 2011	Deadline Dec. 21 to Comment on Second Round of Draft Settlement Disclosure Form
December 15, 2011	CFPB Releases Second Round of Draft Settlement Disclosure Form
December 6, 2011	ALTA Task Force Meets With CFPB; Shares Concerns of Draft Final Disclosure
November 22, 2011	ALTA RESPA Task Force Comments on First Round of Draft Final Disclosure
November 8, 2011	CFPB Unveils Initial Drafts of Closing Disclosure
November 8, 2011	ALTA RESPA Task Force Addresses Concerns Over Initial Mortgage Disclosure
October 18, 2011	CFPB Unveils Latest Round of Disclosure Prototype; Turns Sights to Closing Document
October 11, 2011	CFPB Says One More Round of Mortgage Disclosure before Turning to HUD
October 4, 2011	RESPA Task Force to Press CFPB About New HUD-1, Mortgage Disclosures
September 22, 2011	ALTA Submits Letter to CFPB Addressing Mortgage Disclosure Issues
September 13, 2011	CFPB Releases Fourth Round of Combined Mortgage Disclosure Forms
August 11, 2011	ALTA Comments on Third Round of Mortgage Disclosure Forms
July 14, 2011	ALTA President Shines During Congressional Hearing
July 7, 2011	ALTA Addresses Problems of Roll-up Lines and Lack of Itemization on HUD-1
May 19, 2011	ALTA Urges Members to Comment on CFPB’s Initial Mortgage Disclosure Prototypes
November 23, 2010	ALTA’s RESPA Task Force Meets with CFPB Leadership

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