Pursuits
New Mortgage Form Said Required of Large and Small Banks
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New U.S. rules requiring simplified mortgage paperwork will take effect in August 2015 without an exemption for small lenders, according to people briefed on plans by the Consumer Financial Protection Bureau.
The new regulation, the result of a two-and-a-half year effort to help borrowers shop around for home loans, would kick in on Aug. 1, 2015, according to one of the people, who asked to remain anonymous because it hasn’t been released. CFPB Director Richard Cordray plans to unveil the rule tomorrow at a field hearing in Boston.