CFPB Roundtable with ALTA Members
|May 25, 2012|
The Consumer Financial Protection Bureau (CFPB) agreed to hold a roundtable discussion with ALTA members from 2:30-4:30 p.m., Thursday, June 7 to share insight into what to expect when the Bureau releases a proposed rule for its integrated mortgage disclosures.
The CFPB is in the process of creating new mortgage disclosures, which will replace the current GFE and HUD-1, by integrating forms required under the Truth in Lending Act (TILA) and Real Estate Settlement and Procedures Act (RESPA). The Bureau is expected to issue a Proposed Rule by July 21.
“ALTA members and CFPB staff enjoyed a successful dialogue on the draft mortgage disclosure forms during ALTA’s Federal Conference earlier this month,” said Michelle Korsmo, ALTA’s chief executive officer. “This roundtable discussion is a follow up to that discussion and provides a great opportunity for ALTA and CFPB to bring interested settlement professionals together again to talk about how the disclosures will be implemented and used in real-life transactions.”
ALTA members are coming to Washington, D.C., to meet with Ben Olson, the CFPB’s managing counsel of regulations. Members will be able to ask questions and learn more on what to expect when the Proposed Rule is issued. They also will be able to provide feedback on how the forms will impact business, closings and consumers.
Due to timing, it may not be possible for all feedback provided to the CFPB to be included in the July release of the Proposed Rule.