ALTA President to Testify during Congressional Hearing on Mortgage Disclosures
|June 19, 2012|
Chris Abbinante, president of the American Land Title Association (ALTA), will testify Wednesday before the House Financial Services Subcommittee on Insurance, Housing and Community Opportunity during a hearing titled “Mortgage Disclosures: How Do We Cut Red Tape for Consumers and Small Businesses?”
Abbinante will discuss the Consumer Financial Protection Bureau’s (CFPB) efforts, as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, to create simplified mortgage disclosures by integrating forms required under the Truth in Lending Act (TILA) and Real Estate Settlement and Procedures Act (RESPA). The CFPB is expected to issue a proposed final rule on July 21.
Abbinante will outline six principles to help the CFPB develop disclosures that are fair for consumers and the industry and avoid unintended consequences. He will participate on a panel along with Anne C. Canfield, executive director of the Consumer Mortgage Coalition; Bill Cosgrove, president and chief executive officer of Union National Mortgage Co., on behalf of the Mortgage Bankers Association; Chanelle Hardy, senior vice president for policy and executive director of the National Urban League Policy Institute; Brenda Hughes, senior vice president, retail lending administrator for First Federal Savings Bank, on behalf of the American Bankers Association; Maurice Veissi, president of the National Association of Realtors; and Tim Wilson, president, affiliated businesses, Long and Foster Companies, on behalf of the Real Estate Services Providers Council.
Raj Date, deputy director of the Consumer Financial Protection Bureau, was the lone participant on the first panel.
The hearing is scheduled to begin at 1:30 p.m. ET. You can watch it live by clicking here.
You can read Abbinante’s written testimony here.
If you have any questions about the hearing please reach out to ALTA’s Vice President of Government and Regulatory Affairs Justin Ailes.
The testimony follows a June 8 briefing Leslie Wyatt, a member of ALTA’s RESPA Task Force and director of industry relations for SoftPro, provided to members of the House Financial Committee and the House Small Business Committee about the CFPB’s proposed disclosure forms. She reiterated the need for avoiding unnecessary high costs to the industry, a realistic timeframe for implementation, a standard form versus a model and the need for clear and concise guidance from the CFPB in the final rule.