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ALTA CEO to Testify during CFPB Field Hearing on Integrated Mortgage Disclosures

November 19, 2013

Michelle Korsmo, ALTA’s chief executive officer, will testify Wednesday during a field hearing in Boston as the Consumer Financial Protection Bureau addresses its “Know Before You Owe” project.

The field hearing, which begins at 11 a.m. ET at the Back Bay Event Center, will feature remarks from CFPB Director Richard Cordray on the Bureau’s efforts to combine overlapping federal disclosure forms required by the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA). A new Closing Disclosure will replace the HUD-1 and revised TIL disclosure, while a Loan Estimate will replace the GFE and early TIL. The CFPB also is expected to present a “Know Before You Close” video. Korsmo, along with other industry representatives and consumer groups, will testify after Cordray’s remarks.

According to a report from Bloomberg, the new forms will go into effect Aug. 1, 2015.

ALTA will provide updates from the hearing, which will be streamed live on the CFPB’s blog.

Following the field hearing, ALTA along with the New England Land Title Association and the Real Estate Bar Association will host a roundtable discussion titled “A New Era of Closings and Settlements” in the Ballroom Foyer (located on the main lobby level) at the Fairmont Copley Plaza.

The roundtable discussion will address how the rule and new disclosures will impact closings, relationships with lender clients and consumers, and issues with implementation. Nearly 60 title professionals are expected to attend the roundtable.

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