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Tuesday, June 19, 2012

ABA to Testify on Mortgage Disclosures

ABA banker Brenda Hughes will testify Wednesday at a House Insurance, Housing and Community Opportunity Subcommittee hearing on mortgage disclosures and how to cut red tape for consumers and small businesses. Hughes is SVP and retail lending administrator at First Federal Savings Bank in Twin Falls, Idaho. Hughes will discuss how mortgage reform have changed her institution. From her prepared testimony:
I see that our staff is increasingly frustrated by the time they must spend studying new regulations and determining how each one will impact our products, services, and operations.

My loan officers and loan administrative staff are the most discouraged. They have struggled since 2008 to keep pace with a stream of poorly-coordinated and often conflicting mortgage-related regulatory proposals. On top of integrating new rules, the staff must also anticipate even more change as the Bureau [CFPB] implements the requirements of Title XIV of the Dodd-Frank Act. Today’s regulatory uncertainty and the fear of making a mistake have changed the focus from helping the consumer understand and navigate the process to a fixation on rules, forms and procedures.
Read Hughes’ full testimony.
Read more about the hearing.

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