Regulators and the industry must take time to consider the full impact of proposals that rewrite the entire mortgage origination process. He emphasized that this is a massive undertaking, and it’s important that the reforms are workable and actually simplify the disclosures.Read Keating’s statement.
Moving forward, disclosure reforms must be coordinated with servicing, compensation and consumer protection reforms to ensure we are creating a system that is clear and efficient for consumers and lenders.
Wednesday, July 11, 2012
ABA Expresses Concerns About RESPA/TILA Disclosure Proposal
ABA is concerned that the 1,100-page proposal the CFPB issued Monday that combines mortgage disclosure requirements under the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) fails to both simplify disclosures and consider other ongoing reforms, ABA President and CEO Frank Keating said yesterday.