The Consumer Financial Protection Bureau has issued a request for information about promoting access to mortgage credit. The move has been driven in large part by President Trump’s executive order earlier this year seeking to improve access to mortgage credit.
According to a notice issued today in the Federal Register, the bureau is looking for information about “potential regulatory changes that may reduce regulatory burdens and promote access to mortgage credit, as appropriate and consistent with applicable law.” According to the CFPB, it seeks to “reduce unwarranted regulatory burdens to ensure that creditworthy borrowers can access mortgage credit.”
Specifically, the agency is requesting information on industry and consumer burdens related to the integrated mortgage disclosures under the Truth in Lending Act and Real Estate Settlement Procedures Act (TILA-RESPA integrated disclosures or TRID), the right of rescission, and reverse mortgage disclosures.
A number of regulatory agencies have taken steps over the last few months to make changes supporting the White House’s executive order. ABA intends to file comments on this RFI.
