The rush to implement the TILA-RESPA integrated mortgage disclosures on Aug. 1 poses risks to customers, Cindy Lowman told a House Financial Services Committee panel today.
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Mortgage bankers preparing for the implementation of the TILA-RESPA integrated disclosures are uncertain that they and their vendors will be ready for the switchover to the new disclosure regime, which takes place for all mortgage applications starting Aug. 1, according to an ABA survey released today.
Cynthia Lowman — president of United Bank Mortgage Corp., Grand Rapids, Mich., and chairman of ABA’s Mortgage Markets Committee — will testify on ABA’s behalf on Thursday at a House Financial Services subcommittee hearing on implementation of the TILA-RESPA integrated disclosures that take effect Aug. 1.
In an April 22 letter released today, Consumer Financial Protection Bureau Director Richard Cordray declined congressional appeals to provide a grace period for enforcement of the TILA-RESPA integrated disclosures that come into force on Aug. 1.
Reps. Steve Pearce (R-N.M.) and Brad Sherman (D-Calif.) on Friday introduced H.R. 2213, which would provide lenders with a temporary safe harbor from enforcement of the rule integrating required mortgage disclosures under the Truth in Lending Act and the Real Estate Settlement Procedures Act.
The Consumer Financial Protection Bureau today issued a set of revised examination procedures to provide guidance on how it will conduct compliance exams for the TILA-RESPA integrated disclosures taking effect Aug. 1.
The banking agencies on Friday issued revised examination procedures and exam manual narratives for consumer compliance rules under the Truth in Lending Act and the Real Estate Settlement Procedures Act.
The TILA/RESPA disclosure changes taking effect Aug. 1 could constitute the single greatest overhaul of the origination process in modern times.
The Federal Reserve and Consumer Financial Protection Bureau will hold their fifth and final webinar in their series on the TILA-RESPA integrated disclosures on May 26 at 2 p.m. EDT.
The Consumer Financial Protection Bureau yesterday released a new toolkit to “help consumers take full advantage of the new Loan Estimate and Closing Disclosure forms that lenders are required to begin providing in August.”